Jerome Powell: Crypto Has Staying Power as an Asset Class, Stablecoin is a Form of Money

Federal Reserve Chair Jerome Powell testified before the House Financial Services Committee on Wednesday, discussing a range of topics related to digital assets.

Powell acknowledged that "crypto appears to have staying power as an asset class" and also spoke about stablecoins as a form of money. He stressed the need for robust federal regulation on digital assets, including payment stablecoins, and noted the role of central banks in ensuring the credibility of money.

Powell also discussed the development of a Central Bank Digital Currency (CBDC) but noted that the Fed is still a long way from implementing it. Overall, Powell's remarks suggest that the Fed is embracing digital assets and seeking to implement them in future actions, although the specifics of how it will do so remain to be seen.