FED President Jerome Powell spoke about stablecoins.
According to Politico, FED Chairman Powell told House Democrats that the US needs Congressional approval and a legal framework for stablecoins.
It was stated that Powell made the following statements in his closed meeting with Democrats in the House Financial Services Committee on Tuesday.
“The FED needs to get approval from the US Congress before taking action on stablecoins, that is, in order to produce a digital asset.
If we are going to have a CBDC, Congress needs to authorize it.
“We are not advocates, but we have not decided to propose CBDC to Congress.”
The report also reported that Powell said he was pleased that negotiations on stablecoin legislation were “close.”
*This is not investment advice.