Federal Reserve Chair Jerome Powell has expressed support for ongoing crypto legislation in Congress, stating that the U.S. would benefit from the proposed bills. He emphasized the importance of establishing a stablecoin framework, particularly after Senate lawmakers passed the GENIUS Act, which focuses on the regulation of stablecoins. Powell noted that the Federal Reserve will now prioritize the autonomy of banks in deciding their customers, indicating a shift from previous approaches that considered 'reputational risk' in banking. This legislative momentum reflects a larger trend where traditional financial institutions, including JP Morgan, are becoming more involved in the crypto space amidst ongoing discussions regarding regulation and debanking issues faced by cryptocurrency businesses. Additionally, Powell highlighted a significant change in sentiment on Wall Street regarding cryptocurrency, indicating a shift towards greater acceptance.

Source šŸ”—