Fed's Powell Says He's Also Worried About Debanking That Strained U.S. Crypto
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"I too, am troubled by the quantity of these reports," Powell said in routine testimony before the Senate Banking Committee on Tuesday
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Powell said the Fed supports new regulatory efforts around stablecoins — the tokens designed to maintain a steady value by being pegged to assets such as the U.S. dollar.
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"Stablecoins may have a big future with consumers and businesses," Powell said. "We can't know that now, but it is important for the development of stablecoins — in a safe and sound manner that protects consumers and savers and all — that there be a regulatory framework.
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