Michael Barr, vice chair for supervision at the U.S. Federal Reserve, commented on matters related to stablecoins and CBDCs on Nov. 7.
According to reports from Bloomberg, Barr said:
“There is interest in strong, federal regulation of stablecoins that makes sure the Federal Reserve can approve, regulate and enforce against stablecoin issuers, including wallets.”
Barr said that the U.S. needs a “strong framework” for stablecoins but implied that it is not the Federal Reserve’s job to make those rules. Rather, he said that it is “better if Congress can decide the rules of the road.” Reports from August, however, suggest that Republican lawmakers are opposed to certain stablecoin rules proposed by the Fed.
Other reports from Fortune indicate that Barr commented directly on central bank digital currencies (CBDCs), or dollar-pegged digital assets issued by the government.
Barr said that the Federal Reserve has not yet decided whether issuing such a CBDC would be a good idea or
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