Jerome Powell, Chair of the U.S. Federal Reserve, has recognised the mainstream adoption of cryptocurrency, highlighting ongoing Congressional efforts to establish a stablecoin regulatory framework. He anticipates a broad appeal for stablecoins while also addressing concerns about rising inflation and slowing economic growth. Since 2018, he has presided over the Fed, with reports of candidates being interviewed for his potential replacement.
Jerome Powell, Chair of the U.S. Federal Reserve, has indicated that cryptocurrencies are increasingly becoming mainstream, attributing this shift to the evolving regulatory environment. He highlighted that both the Senate and the House are currently engaged in developing a legal framework specifically for stablecoins. Powell asserted the necessity for such a framework, stating, “There isn’t one now and we need that.”
He expressed optimism regarding stablecoins, suggesting they may possess a “fairly wide appeal” among various stakeholders. Previously, Powell has likened Bitcoin to a digital version of gold, acknowledging its potential role in the financial landscape.
In his recent address, Powell warned of an impending rise in inflation coupled with slower economic growth, attributed to tariffs that exceeded initial forecasts. He also noted a significant cooling in U.S. economic growth compared to the previous year.
Since 2018, Powell has led the Federal Reserve, the world’s most influential central banking authority. Reports from earlier this week indicated that the New York Post has mentioned potential candidates to succeed him, with interviews slated for the fall.
