Federal Reserve Chair Jerome Powell's Big Statements About Cryptocurrency

1. Federal Reserve Chair Jerome Powell said the U.S. central bank should play a “robust federal role” in overseeing stablecoins.

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2. Powell also remarked that cryptocurrencies, like Bitcoin, have "staying power."

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3. Stablecoins are tokens pegged to the price of a sovereign currency like the dollar and issued by private companies.

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4.Powell believes that stablecoins should have strong federal oversight

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5Waters raised concerns that the Fed would be “hamstrung” to do anything if stablecoin issuers could register directly with states

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6.Powell signaled the Fed thinks it’s an important part of the regulatory landscape for tokens collateralized by dollars

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7.Powell said that “leaving [the Fed] with a weak role and allowing a lot of private money creation at the state level would be a mistake.

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8.In 2021, Powell said before Congress that stablecoins could be a worthy part of the “payments universe.

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9.Several bills that would address stablecoin regulation have stalled out

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10.If a positive consensus is reached, the current stablecoin bill that’s in the works will be advanced to the Senate

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