JUST IN: 🇺🇸 Federal Reserve Governor Christopher Waller says cryptocurrency is "woven into the fabric of the payment and financial system." https://t.co/5Et6gPgRzM ...

🔥 JUST IN: Federal Reserve Governor Christopher Waller claims "crypto assets" are "increasingly woven into the fabric of the payment and financial system." https://t.co/ONjHwQLIme ...

Crypto Regulation & Market Impact - The Genius Act, regulating stablecoins, is expected to be signed, adding legitimacy and safety to the crypto space [1] - Legislative clarity for stablecoins aims to modernize the payment system, potentially cementing the dollar as the world's reserve currency [2] - The regulation seeks to prevent innovation from moving abroad and to counter potential dominance by other countries like China in international standard setting [3][4] - Crypto companies like Coinbase, Robinhood, and Circle are seen as potential winners from the new regulations [5] Financial & Economic Implications - Stablecoins could introduce new competition in the foreign remittance space, offering faster and cheaper international money transfers compared to traditional methods [6] - Increased dollar-based trade facilitated by stablecoins could further solidify the dollar's position as the world's reserve currency [8] - The administration believes the economy is growing stronger than pessimists suggest, citing retail sales exceeding expectations [13] - The administration's economic plan aims to bring back affordable growth without inflation by increasing domestic production [14] Monetary Policy & Future Outlook - The administration is focused on selecting a Fed chair who will facilitate growth and ensure the right interest rate environment [17] - The administration suggests that if supply is unleashed, there is no reason to anticipate inflation, questioning the need for high interest rates [18]