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According to a recent report, the head of the US central bank is looking for a legal framework for stablecoins

According to Politico, Federal Reserve Chairman Jerome Powell told House Democrats that the United States needs a legal framework for stablecoins.

In a closed-door meeting Tuesday with Democrats on the House Financial Services Committee, Jerome Powell said he was pleased that negotiations on the stablecoin legislation were "closer," according to a person who was there.

He also said that congressional approval is required for any central bank digital currency before the Fed can act on it.

"If we're going to have a central bank digital currency (CBDC), Congress has to authorize it," he said, according to the report.