ICYMI: Fed chair Powell doubles down on continued survival of private stablecoins — as long as they are better regulated
Toomey inquired as to whether private alternatives, especially existing stablecoins, could serve as a check on a CBDC. While Powell hedged on the value of stablecoins, he did maintain that they should be able to coexist alongside an as-yet tentative CBDC:
"One critical question is whether a CBDC would yield benefits more effectively than alternative methodsAlternative methods could also include well-designed and appropriately regulated stablecoins. Well-regulated, privately issued stablecoins could coexist with a CBDC. In the future, it is possible that CBDCs, stablecoins, and other forms of money could serve different needs or preferences. It is important for all forms of money to be well-designed and appropriately regulated."
The conversation about federal stablecoin regulation is happening alongside the one on CBDC. Many progressive members of Congress, including Banking Committee members like Sherrod Brown and Elizabeth Warren, have suggested that CBDC could be most useful as a replacement for private operators. Even back in spring 2020, the initial draft from the Democrats of the Covid stimulus package included provisions for direct"FedAccounts," which the public would access through post offices.
Powell often serves as a vector between the arguments about stablecoins and CBDCs, especially given his role in the President's Working Group.
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