Jerome Powell on stable coins
From Jerome Powell Testifies Before House Financial Services Cmte On Federal Reserve's Monetary Policy · · Forbes Breaking News
“We do see payment stable coins as a form of money and in all advanced economies the ultimate source of credibility in money is the central bank and we believe that it would be appropriate to have a quite a robust federal role in what happens in stable coins going forward and that leaving us with a weak role and allowing a lot of private money creation at the state level would be a mistake.”
On , Jerome Powell, Chair at Federal Reserve of the United States, spoke about stable coins during Jerome Powell Testifies Before House Financial Services Cmte On Federal Reserve's Monetary Policy on Forbes Breaking News.
About Jerome Powell
Jerome Powell, the former chair of the U.S. Federal Reserve, received the 2026 John F. Kennedy Profile in Courage Award in May 2026 at a ceremony in Boston. In his acceptance speech, Powell said the Federal Reserve had been undergoing a "stress test," and warned against political interference in monetary policy. He stated that the Fed makes its decisions based on economic analysis and does not "take into account the fortunes of any political party or politician in making those decisions." Powell argued that legal protections insulating the Fed from political pressure have served the public well, and said that "if any administration finds a way to remove Fed officials over policy differences, then future administrations will do so as well," adding that the Fed's credibility would be lost. Powell’s eight-year term as Fed chair ended on May 15, 2026. He announced during an April FOMC press conference that he would remain on the Board of Governors for an unspecified period, saying his decision was driven by concerns over "legal attacks on the Fed" by the administration. He stated he planned to keep "a low profile" and that Kevin Warsh, once confirmed and sworn in, would be the new chair. In his last FOMC press conference, the committee held interest rates steady, noting that inflation was elevated in part due to rising global energy prices and citing a high level of uncertainty in the economic outlook.