REUTERS: On Wednesday, Federal Reserve Chair Jerome Powell indicated that while crypto currencies are unlikely to become a mainstream element of the US payments system, stablecoins might, though more rules are needed first. “We have a fairly strong regulatory structure around bank deposits, for example, or money market funds,” Powell said at a hearing before the Financial Services Committee of the US House of Representatives. “That doesn’t exist for stablecoins right now, and if they’re going to be a substantial part of the payments universe – which we don’t believe crypto assets will be, but stablecoins may be – then we need an adequate regulatory structure.”
(Jonnelle Marte contributed reporting, and Chizu Nomiyama edited the piece.)
Reuters is the source of this information./n
