The US Federal Reserve Board has scheduled a conference to discuss topics related to payments, including stablecoins and tokenization.
In a notice on Wednesday, the Fed Says The October 21 conference will discuss the “emerging stablecoin that uses cases and business models” as well as the “tokenization of financial and service products” as part of efforts to modify US payment systems.
Although the announcement came from the entire Fed board, Governor Christopher Waller, rather than a seat Jerome Powell, gave comments on the event.
“The change has become a pavement of payments to meet the change in the needs of consumers and businesses,” Waller said. “I look forward to reviewing the opportunities and challenges of new technologies, combining ideas on how to improve the safety and efficiency of payments, and listening from those who help to develop the future of payments.”
Exploring cases of stablecoin use is likely to nod the passage of the Genius Act in July. The bill that establishes a framework for payment stablecoins requires the US and Fed treasury to issue regulations before implementation.
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Fed freedom challenges
The conference was announced amid extensive concerns about Fed independence as President of the United States Donald Trump Attempts to fire Governor Lisa Cook Over the claims of mortgage fraud. Cook said he would not go down and file a lawsuit to prevent Trump’s actions.
About 600 economists written An open letter on Tuesday, reminding the administration that “no governor should be removed from a clear, documented ‘for the reason’ that can withstand the judicial investigation,” warning of Fed’s freedom’s freedom challenges.
“Weakening of this standard increases uncertainty in the financial policy and forces markets to priced political risk at interest rates, increases rates and costs for families and businesses,” the letter said. “Elected officials should refrain from rhetoric or actions that fall into the freedom of the Federal Reserve (…).”
Cointelegraph reached the Fed for the comment but did not receive a response at the time of publication.
https://www.youtube.com/watch?v=0bx9alzw1ui
Although Cook’s case is still moving in US courts, many legal experts weighed this matter because Trump repeatedly signed his wish to remove Powell before his term expired in 2026.
An earlier opinion of the Supreme Court has expanded the president’s powers to agencies who were previously considered independent of the presidency, but said the Fed was a “unique structured, quasi-private entity,” which signed that any removal of its leadership should be “for the reason.”
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