Jerome Powell Supports Fed's New Stablecoin Policies—But Chair Kevin Warsh Abstains
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The Federal Reserve is moving forward with proposed rulemaking that requires U.S. crypto companies to screen stablecoin customers, following the passage of the GENIUS Act. Federal Reserve Chair Jerome Powell supports this new policy, but Chair Kevin Warsh abstains from voting. This regulation aims to increase oversight on stablecoins, impacting their adoption and stability in the market.
The proposed rulemaking establishes how U.S. crypto companies will have to screen stablecoin customers after the passage of the GENIUS Act.