Fed Chair Powell Advocates for Robust Oversight of Stablecoins and Exemptions for Community Banks.

The Federal Reserve Board considers payment stablecoins as a form of money and wants a robust federal role in their oversight, according to Chair Jerome Powell. Powell's comments came in response to proposed stablecoin legislation that would create 58 different licenses with federal regulatory approval over only two of them. Powell's position runs contrary to that of SEC Chair Gary Gensler, who believes stablecoins may require registration and regulation, and CFTC Chair Rostin Behnam, who claims stablecoins will be determined to be a commodity. Former CFTC Chair Chris Giancarlo has criticized the proposed legislation, saying it could enable a government policy similar to Operation Choke Point.