The United States Federal Reserve Board sees payment stablecoins as a form of money, Chair Jerome Powell said during questioning at the House of Representatives Financial Services Committee’s semi-annual hearing on Fed policy on June 21.
Powell’s comments came in response to committee ranking member Maxine Waters (NYSE:WAT), who asked for his reaction to the proposed stablecoin bill, which originated with the Republicans and would be the first crypto legislation in the U.S. if passed.