Federal Reserve Chair Jerome Powell has expressed support for cryptocurrency bills currently under consideration by Congress. He stated that the country requires a regulatory framework for stablecoins.
JUST IN: #Fed Chair #Powell says it’s “a great thing” that #stablecoin bills are moving forward.
Adds: “We need a stablecoin framework.” https://t.co/knxhr4OVlm pic.twitter.com/hLsPKF28VJ
— Roundtable Network (@RTB_io) June 24, 2025
“It’s a great thing that the bills are moving forward. We need a framework for stablecoins,” Powell stated.
Last week, the Senate passed the GENIUS Act, which sets rules for the issuance and circulation of stablecoins. The document is now awaiting consideration in the House of Representatives. Work is also underway on the CLARITY Act, which addresses the structure of the crypto market.
Powell’s support followed the Fed’s decision to no longer consider “reputational risk” in bank examinations. Previously, regulators used this factor against financial institutions engaged with the crypto industry.
Earlier, the Fed’s Vice Chair denied allegations of debanking the digital asset sector in the US. He stated that the agency maintains a balanced approach regarding crypto companies’ access to banking services.
“We believe banks decide who their clients are. They are also free to conduct operations with cryptocurrencies, provided it does not pose risks to their safety and soundness,” added the Fed Chair.
Powell also highlighted the issue of service denial to companies in certain sectors, including cryptocurrency. He noted that “throughout 2024, the Fed recognized the seriousness of this situation.”
The Fed Chair further emphasized that Wall Street’s attitude towards the technology has changed. He anticipates increased activity in the digital asset sector.
Back in April, US President Donald Trump demanded Powell’s resignation for the slow reduction of the key interest rate.