Fed Official Barr Discusses CBDC Research, Stablecoin Regulation at Philadelphia Event

Michael Barr discussed CBDC research at a Philadelphia Fed event, stating the Fed is focused on research that could support a CBDC payments system.
Barr mentioned the Fed's novel activities supervision program, allowing banks feedback to obtain approval for stablecoin activities.
Barr expressed appreciation for legislative efforts on stablecoins, saying unregulated stablecoins could pose risks.
The Fed launched the FedNow instant payments service, though current volumes are still small.
Barr said it's up to banks and credit unions to make FedNow available and drive adoption.

cointelegraph.com

Relevant topic timeline:

9/8/2023

Fed Vice Chair: Central Bank Digital Currency Still a Long Way Off, Concerns Remain About Stablecoins

The US Federal Reserve is still in the early research phase and far from making any decisions on a central bank digital currency, according to Federal Reserve Vice Chairman Michael Barr, who also emphasized the need for clear support from the executive branch and legislation from Congress before any moves are made. Barr expressed concerns about stablecoins and called for strong federal oversight to avoid risks to financial stability and the US payments system.

9/14/2023

Fed's Top Bank Regulator Proposes Tougher Oversight Despite Industry Pushback

President Biden's appointment of Michael Barr as the Federal Reserve's top banking regulator has faced backlash due to his proposal to tighten oversight and regulation of large lenders, drawing criticism from banks, lobbying groups, and even some of his own colleagues.

9/29/2023

McHenry Pushing For Stablecoin Regulation Despite Shutdown Threat

House Financial Services Committee Chair Patrick McHenry is committed to pushing stablecoin regulation to President Biden's desk, despite the possibility of a government shutdown, as states and federal lawmakers continue to grapple with the issue.

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Posted 9/8/2023, 7:34:01 PM