Federal Reserve Chairman Jerome Powell stated that Bitcoin is maturing.

At a recent meeting of the Senate Banking Committee, Federal Reserve Chairman Jerome Powell discussed how cryptocurrency is changing. He stated that Bitcoin and other cryptocurrencies have become more popular and are now accepted by more people. Senator Cynthia Lummis asked how the risks of stablecoins have changed since the Federal Reserve's 2023 policy under Section 9(13), which prompted him to make comments. This section allows the Federal Reserve to oversee state-chartered member banks. In January 2023, the Fed shared a statement on how they would manage new activities related to cryptocurrency assets, distributed ledger technology (DLT), and stablecoins. Powell stated that the Fed's perspective has changed. He mentioned, "The industry is evolving, and we are learning more about it." He noted that regulators are reviewing the decisions made during the early stages of cryptocurrency development. This reassessment includes more rules applying to various financial activities, not just those related to cryptocurrency. Powell emphasized that he agrees with banks participating in cryptocurrency as long as they adhere to safe banking rules. Furthermore, he stated that banks should choose their customers and comply with the regulations. Additionally, Powell noted that the policy statement Section 9(13) is part of a set of rules and is not solely related to cryptocurrencies. The Federal Reserve is considering changing or eliminating some cryptocurrency regulations under the Biden administration.