U.S. Federal Reserve Chair Jerome Powell has stated that crypto is becoming more mainstream due to the changing regulatory climate.
He has noted that Congress (both the Senate and the House) is working on creating a legal framework for stablecoins.
"Depending on what's in it, that's a good idea. We need that. There isn't one now," he said.
He further stated that stablecoins could have a "fairly wide appeal."
As reported by U.Today, Powell previously opined that Bitcoin could act as a digital version of gold.
During his most recent speech, Powell stated that there will be higher inflation and slower economic growth as a result of the much-talked-about tariffs, which turned out to be much larger than initially anticipated. He also noted that economic growth had cooled in the U.S. compared to the previous year.
Powell has been at the helm of the most powerful central bank in the world since 2018.
Earlier this week, the New York Post reported that several candidates to replace Powell would be interviewed in the fall.
Vladislav Sopov
Dan Burgin