Not a security, not a commodity. The Fed sees stablecoin as money: Powell.
United States Federal Reserve Board sees payment stablecoin as a form of money, chair Jerome Powell said during questioning at the House of Representatives Financial Services Committee’s semi-annual hearing on Fed policy on June 21.
Powell's comments came in response to committee ranking member Maxine Waters, who'd asked for his reaction to the proposed stablecoin bill, which originated with the Republicans andWaters told Powell that the bill would create “58 different licenses with federal regulatory approval over only two of the licenses.” The remaining licenses would be issued by states, territories and other jurisdictions, which “takes state preemption to a whole new level,” she said.
“We do see payment stablecoins as a form of money […] and we believe that it would be appropriate to have quite a robust federal role in what happens in stablecoin going forward.”By providing commentary on the draft bill, Powell took a position that runs contrary to that of Securities and Exchange Commission chair Gary Gensler. Gensler
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