"Powell Advocates for Stronger Fed Oversight of Stablecoins and Dollar's Global Reserve Status"

Federal Reserve Chairman Jerome Powell has called for a "robust" federal role in regulating stablecoins, arguing that payment stablecoins are a form of money and that the ultimate source of credibility in money is the central bank. Powell also noted that the Fed's staff has been involved in talks with lawmakers from both parties on the crypto legislation members of the committee have been working on. Additionally, Powell addressed the debate over whether the U.S. should establish a central bank digital currency, saying "We're a long way from this."