The Federal Reserve (FED) Chairman Powell supports the American encryption bill: this is amazing

Gate News bot message, according to Decrypt, The Federal Reserve (FED) Chairman Jerome Powell stated his support for Cryptocurrency legislation in Congress on Tuesday, implying that the United States would benefit from the legislation currently under consideration.

"The bill is advancing, which is great," Powell said. "We need a stable coin framework."

Last week, Senators passed the GENIUS Act, which establishes a framework for the issuance and trading of stablecoins. The bill has received bipartisan support and if passed in the House of Representatives, U.S. President Donald Trump may sign it into law this summer. Meanwhile, House members are considering the CLARITY Act, a Cryptocurrency market structure bill.

Powell approved the stablecoin framework, which embodies the guidance issued by The Federal Reserve (FED) on Monday. The Federal Reserve (FED) stated in a release that it will no longer consider 'reputational risk' when reviewing banks. Previously, regulators had used reputational risk as a factor in assessing banks interested in Crypto Assets.

"Our view is that banks should decide who their customers are," Powell reiterated his January remarks. "Banks are also free to conduct Crypto Assets business as long as they do so in a safe and sound manner."