Powell noted that earlier efforts to collaborate with Congress on a legal structure for stablecoins were unsuccessful. Still, he observed that “the climate is changing,” with lawmakers now showing renewed interest in formalizing regulation.
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Fed Chair Powell advocates for stablecoin regulation, signals openness to crypto innovation
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FED Chair Jerome Powell noted the Fed’s earlier unsuccessful efforts with Congress to establish a legal framework for stablecoins during crypto’s turbulent years in 2022–2023, but observed that the climate is now shifting as lawmakers show renewed interest in regulation
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