Powell questioned by lawmakers over Fed scrutiny of cryptocurrency activity

08/28 15:36

US lawmakers wrote a letter to Federal Reserve Chairman Powell stating that the Fed's recent supervisory letters (SR 23-7 and SR 23-8) undermine progress made by Congress in establishing a regulatory framework for stablecoin payments, and will undoubtedly prevent financial institutions from participating in the digital asset ecosystem. Representatives Patrick French Hill and Bill Huizeng wrote in the letter: "The Fed's issuance of these supervisory letters prevents banks from issuing stablecoins or participating in the stablecoin payment ecosystem. The regulatory framework established by Congress will better protect consumers and provide certainty for market participants, which led to the introduction of the Clarity for Payment Stablecoins Act. However, less than two weeks after its introduction, the Fed issued SR 23-7 and SR 23-8 without working with Congress to establish a workable mechanism."

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