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Fed Chair Powell Told House Democrats U.S. Needs Stablecoin Bill: Politico
Powell also said a CBDC would need Congress' approval before the Federal Reserve will act.
Updated Mar 8, 2024, 9:32 p.m. Published Feb 14, 2024, 1:59 p.m.
Federal Reserve Chair Jerome Powell told House Democrats that the U.S. needs a legislative framework for stablecoins, Politico reported.
In his closed-door meeting on Tuesday with Democrats from the House Financial Services Committee, he's reported to have said that he's glad that negotiations are "close" on stablecoin legislation, according to Politico, citing a person who was there.
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He also said Congress' approval would be required for any central bank digital currency before the Fed will move on it.
"If we’re going to have a CBDC, Congress needs to authorize it," he said, according to the report. "We aren’t advocates, but we haven’t made a decision to recommend a CBDC to Congress."
Those comments are in line with what he and other Fed officials have previously said publicly.
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- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
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The Himalayan kingdom plans to deploy part of its sovereign bitcoin holdings to fund long-term development through Gelephu Mindfulness City.
What to know:
- Bhutan committed up to 10,000 bitcoin toward the long-term development of Gelephu Mindfulness City, a new economic hub in southern Bhutan.
- The pledge builds on Bhutan’s years-long use of bitcoin mining powered by surplus hydropower.
- Officials say any use of bitcoin will prioritize capital preservation, transparency and long-term stewardship.
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