PANews reported on April 17 that according to The Block, Federal Reserve Chairman Jerome Powell stated that future rules related to banks and cryptocurrencies might be "relaxed". On Wednesday, Powell noted during an interview at the Chicago Economic Club that there has been "a wave of failures and fraud events" in the cryptocurrency field over the years, but the atmosphere in this field is becoming increasingly mainstream. During the event, Powell also discussed topics such as tariffs, immigration, and inflation.
Powell said: "We have taken a quite conservative approach to the guidance and rules imposed on banks, and other bank regulators have an even more conservative stance. I believe these rules will be relaxed. We will try to achieve this in a way that maintains safety and soundness while allowing and promoting appropriate innovation, without exposing consumers to risks they do not understand or reducing the safety and soundness of banks." Powell on Wednesday affirmed legislators' work on stablecoins. He said: "Stablecoins are a digital product that may have quite broad appeal and should include typical consumer protections and transparency, which is precisely what the Senate and House are working to address."
