Between the current of years of regulatory vagueness, Washington seems to want to regain control of the crypto ecosystem. This June 18, the president of the federal reserve, Jerome Powell, surprised by providing clear support to two structuring bills on stablecoins and the Crypto market. In a political climate changing to the United States, this position marks a potential turning point for industry, which has long awaited a solid and predictable legal framework.
In short
- Jerome Powell, president of the Fed, describes as “excellent thing” the progress of crypto laws at the American Congress.
- The Genius Act, recently adopted in the Senate, aims to supervise stablecoins on a federal scale with large political support.
- Powell insists on the urgency of setting up a specific framework for Stablecoins, breaking with the past prudence of the Fed.
- Donald Trump publicly supports the Genius Act and calls for its rapid adoption by the House of Representatives.
Powell validates the urgency of a frame for stablecoins
While the FED changes its strategy in the face of the crypto banks of the banks, during its hearing before the congress on June 18, the president of the American federal reserve, Jerome Powell, a assertive that the progress of legislative texts in terms of cryptos was “an excellent thing “, Adding that” We need a frame for stablecoins».
This clear position contrasts with the prudence manifested by the Fed in recent years. Such a declaration comes as the Genius Act, a Bipartisan bill aimed at supervising the Stablecoins, has just been adopted by the Senate with 68 votes to 30.
Powell, who already argued in 2021 for regulation similar to bank deposits and monetary funds, now incorporates the Fed in a dynamic of support rather than distrust.
This text, which could be promulgated this summer if the House of Representatives follows, marks a major regulatory turning point. He provides in particular:
- A clear federal framework for the issue and negotiation of Stablecoins, with centralized regulatory supervision;
- Reserve and transparency requirements, aimed at ensuring the stability and solvency of stablecoins issuers;
- Rare political consensus, supported by Donald Trump, who has qualified The project “d 'amazing“And presented it as a lever to make the United States”The undisputed leader of cryptos»;
- An unprecedented alignment between the Fed, the Congress and the Executive, which could accelerate the adoption of a legal framework long awaited by the industry.
For many players in the sector, recognition by the Fed of the importance of such a system constitutes a decisive, even historical signal. It could start a new institutional investment cycle and restore a strategic advantage in the United States in the international competition on digital currencies.
Towards the end of “debanking” and a banking climate more favorable to cryptos
Beyond the issue of stablecoins, Jerome Powell has also operated a strategic turn by announcing that the Fed would not now hold “more reputational risk account»In the evaluation of banking activities.
A decision with major repercussions, since this concept had been invoked several times in recent years to justify the exclusion of customers or partners linked to cryptos. Asked about this subject, Powell said: “Banks are also free to carry out activities related to cryptos, provided they do so in a way that preserves security and financial solidity».
In other words, banking establishments will now be able to work with crypto actors without fear of being penalized due to image considerations.
This new approach comes in a context marked by the republican surveys in alleged cases“Banking exclusion”Under the Biden administration, where certain entities were deprived of banking access due to their activity in the crypto industry.
Powell recognized the existence of the phenomenon: “During 2024, we came to the conclusion that it was a serious problem that had to be solved».
This paradigm change already seems to have produced its effects. JP Morgan, by the voice of Jamie Dimon, yet a notorious critical of Bitcoin, confirmed that his customers can now buy BTC via the bank.
These signals confirm a progressive realignment of the traditional financial system with the logics of the crypto market. By recognizing past errors linked to banking exclusion, the Fed opens up a clearer collaboration space between financial institutions and blockchain companies. This could promote a massive return of banks to the American crypto ecosystem, as the rules clarify. If the trend is confirmed, the United States could regain a leading place of leader in financial innovation, at a time when Europe implements Mica and when Asia accelerates its own sites.
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