Fed Vice Chairman: Central Bank Needs Stablecoin Power

Michael Barr, the Fed’s vice chairman for supervision, said the central bank needs to regulate and enforce laws against stablecoin issuers, a debate over federal oversight that has been a major sticking point in the House debate over legislation. “We need a strong federal framework,” he said at a D.C. FinTech Week event in Washington. "They are creating a kind of private money, and private money needs to be well regulated." Lawmakers have advanced a stablecoin bill through the House Financial Services Committee, winning some support from the panel’s minority Democrats. The oversight effort would still require a full House vote, though it could be attached to another must-pass spending bill. (Coindesk)