Federal Reserve Chairman Urges Congressional Action on CBDC and Stablecoin Regulation

Federal Reserve Chairman Jerome Powell emphasized the need for congressional authorization for a central bank digital currency (CBDC) and called for stablecoin legislation during a closed-door meeting with House Financial Services Committee members. Powell stressed that any decision to introduce a CBDC would require approval from Congress, highlighting ongoing research and public engagement on the topic. He also expressed support for establishing a regulatory framework for stablecoins and welcomed upcoming legislative efforts in this area.