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U.S. Federal Reserve’s Barr Holds Line on Central Bank Needing Stablecoin Powers

The U.S. Federal Reserve needs to regulate and enforce the law against stablecoin issuers, said Federal Reserve Vice Chairman for Supervision Michael Barr, making the federal-oversight argument that has been the major sticking point as the U.S. House of Representatives debates legislation.Republican lawmakers have leaned into a state-oversight route for

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Fed Vice Chair Barr gives update on CBDC research, plugs stablecoin legislation

The Federal Reserve Bank vice chairman spoke at the Philadelphia Fed’s fintech event on Sept. 8 about what the central bank’s role is in financial innovation. Research and supervision was the short answer, with a nod to the FedNow Service.Along with the standard disclaimer about it making no decisions without

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Fed watchdog Michael Barr calls stablecoins risk for economy

Federal Reserve’s Michael Barr highlights the risks of unregulated stablecoins, emphasizing the need for robust federal oversight in the evolving digital currency landscape. Michael Barr, the Federal Reserve’s leading authority on banking oversight, has voiced robust concerns regarding stablecoins operating outside the oversight of federal regulation. While Federal Reserve officials have articulated

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Regulators Should Use ‘Range of Options’ in Fintech, Fed’s Barr Says

“Crypto assets have grown rapidly in the last several years, both in market capitalization and in reach," said Barr. "But recent fissures in these markets have shown that some crypto assets are rife with risks, including fraud, theft, manipulation and even exposure to money-laundering activities ... Crypto asset-related activity, both

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US Fed vice chair Michael Barr favors hard line on crypto, OCC acting head no friendlier

Two United States government financial officials gave speeches on Sept. 7 in which they expressed their positions on crypto regulation. Both had reservations about crypto.Michael Barr, who was recently appointed United States Federal Reserve Board vice chair for supervision, made his first speech in his new capacity at the Brookings

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Former Crypto Adviser Michael Barr Confirmed as Federal Reserve Vice Chair

Barr, who was a key Treasury Department official during the administration of former President Barack Obama, will take over as the leading U.S. banking watchdog, where he’ll have a say in how the traditional financial system interacts with cryptocurrencies – especially stablecoins, the lifeblood of crypto transactions. Source

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