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FRB Chairman Powell: 'Banks Are Free to Engage in Cryptocurrency Activities'

2025/06/25 11:03 (Updated 2025/06/25 15:01)
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Written by K.Kobayashi
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FRB Chairman Powell: 'Banks Are Free to Engage in Cryptocurrency Activities'

Remarks on Cryptocurrency

During his congressional testimony at the House Financial Services Committee on the 24th, Chairman Jerome Powell of the Federal Reserve Board (FRB) expressed approval of the progress in deliberating cryptocurrency regulation bills.

When asked to comment on the adoption of stablecoins for payments and the passage of the 'GENIUS Act' stablecoin regulation bill in the Senate, he stated, 'It is good that these discussions are advancing,' and emphasized, 'The U.S. needs a regulatory framework for stablecoins.'

What are stablecoins?

Stablecoins are cryptocurrencies designed to maintain stable values. They are typically backed by fiat currencies or other cryptocurrencies...

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MAGAZINE
Iolite Vol.14

Iolite Vol.14

July 2025 issueReleased on 2025/05/30

Interview Iolite FACE vol.14 Charles Hoskinson, founder and CEO of Cardano/Input Output Global PHOTO & INTERVIEW Mariko Mabuchi Special feature: "Considerations on cryptocurrency-related policies in Japan and the US", "Blockchain guide from Japan", "Huge position liquidation occurs at Hyperliquid! A new, unanticipated crisis in decentralized finance", "Sakana AI, a generative AI startup from Japan that is attracting a lot of attention", "Prepare for a recession: correlation between finance and anomalies" Crypto Journey: "Web 3.0 from the perspective of the 'King of Debate'" Interview with Hiroyuki Special series: Virtual Nishi: "Cryptocurrency market trends and key points for interpreting them" Series: Tech and Future Toshinao Sasaki, etc.

MAGAZINE

Iolite Vol.14

July 2025 issueReleased on 2025/05/30
Interview Iolite FACE vol.14 Charles Hoskinson, founder and CEO of Cardano/Input Output Global PHOTO & INTERVIEW Mariko Mabuchi Special feature: "Considerations on cryptocurrency-related policies in Japan and the US", "Blockchain guide from Japan", "Huge position liquidation occurs at Hyperliquid! A new, unanticipated crisis in decentralized finance", "Sakana AI, a generative AI startup from Japan that is attracting a lot of attention", "Prepare for a recession: correlation between finance and anomalies" Crypto Journey: "Web 3.0 from the perspective of the 'King of Debate'" Interview with Hiroyuki Special series: Virtual Nishi: "Cryptocurrency market trends and key points for interpreting them" Series: Tech and Future Toshinao Sasaki, etc.