At an April 16 panel hosted by the Economic Club of Chicago, Federal Reserve Chair Jerome Powell emphasized the need for a legal framework for stablecoins, arguing that they are a digital product with significant consumer appeal. Powell noted the challenges faced by the cryptocurrency industry, including notable failures and fraud, but highlighted that stablecoins represent a form of money that necessitates robust federal oversight. The call for stablecoin legislation is growing amidst the evolving crypto landscape, especially following the recent establishment of the President’s Council of Advisers on Digital Assets by US President Donald Trump. Bo Hines, the executive director of this council, mentioned that a comprehensive stablecoin bill remains a top priority for the administration, anticipating that it could reach the president’s desk within two months. As it stands, stablecoins pegged to the US dollar dominate the market, accounting for over 88% of a total market value of $227 billion, reinforcing the urgency for regulatory clarity.

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