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Fed Chair Powell Told House Democrats U.S. Needs Stablecoin Bill: Politico
Powell also said a CBDC would need Congress' approval before the Federal Reserve will act.
Updated Mar 8, 2024, 9:32 p.m. Published Feb 14, 2024, 1:59 p.m.
Federal Reserve Chair Jerome Powell told House Democrats that the U.S. needs a legislative framework for stablecoins, Politico reported.
In his closed-door meeting on Tuesday with Democrats from the House Financial Services Committee, he's reported to have said that he's glad that negotiations are "close" on stablecoin legislation, according to Politico, citing a person who was there.
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He also said Congress' approval would be required for any central bank digital currency before the Fed will move on it.
"If we’re going to have a CBDC, Congress needs to authorize it," he said, according to the report. "We aren’t advocates, but we haven’t made a decision to recommend a CBDC to Congress."
Those comments are in line with what he and other Fed officials have previously said publicly.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Iran accepts cryptocurrency as payment for advanced weapons
Prospective customers could purchase weapons such as missiles, tanks and drones using crypto, according to a government website.
What to know:
- Iran's Ministry of Defence Export Center is accepting cryptocurrency payments for advanced weapons systems as a means of bypassing international sanctions that the country faces.
- The offer is among the first known instances of a country accepting cryptocurrency as a means of payment for military equipment, according to the Financial Times.
- The facility for using cryptocurrency to pay for transactions involving sanctioned countries is already well established.
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