Fed Chair Powell Backs Landmark Crypto Legislation, Signaling Regulatory Shift
Federal Reserve Chairman Jerome Powell has endorsed two pivotal cryptocurrency bills, marking a potential turning point for U.S. digital asset regulation. During June 18 Congressional testimony, Powell called legislative progress "a great thing" and emphasized the urgent need for a stablecoin framework—a notable departure from the Fed's historically cautious stance.
The GENIUS Act, which recently cleared the Senate with bipartisan support, would establish federal oversight of stablecoins. Powell's endorsement aligns with former President Donald Trump's public support for the bill, creating rare political unity around crypto regulation. This coordinated push suggests Washington may finally provide the clarity the $2 trillion digital asset market has demanded for years.
