Fed Governor Waller Says Stablecoins Could Expand U.S. Monetary Influence as CLARITY Act Gains Momentum

Federal Reserve Governor Christopher Waller has once again expressed support for stablecoins, highlighting their potential role in extending the reach of U.S. monetary policy across the globe. Speaking at an event in Croatia, Waller compared the growing adoption of dollar-backed stablecoins to a fixed exchange-rate system, suggesting that countries embracing these digital assets could effectively import U.S. monetary conditions.

According to Waller, nations that increasingly use stablecoins tied to the U.S. dollar may experience greater exposure to American monetary policy. He explained that wider stablecoin adoption could strengthen the international influence of the U.S. financial system and reinforce the dollar’s position as the dominant global reserve currency.

Waller has consistently supported regulated stablecoins. In previous remarks, he argued that properly supervised stablecoins could enhance the global role of the U.S. dollar while fostering innovation in digital payments and financial services.

At the same time, the Federal Reserve governor reiterated his skepticism toward central bank digital currencies (CBDCs). Waller described CBDCs as a solution searching for a problem, arguing that there is currently no compelling use case that requires a government-issued digital currency. He also noted that many major central banks around the world have slowed or halted their CBDC initiatives due to a lack of practical justification.

Meanwhile, JPMorgan Chase CEO Jamie Dimon remains critical of certain aspects of stablecoin regulation. Dimon recently stated that banks will continue to oppose portions of the CLARITY Act, particularly provisions related to stablecoin rewards. While dismissing claims that banks fear competition from cryptocurrency firms, he emphasized that companies offering deposit-like services should face regulatory standards similar to those applied to traditional banks.

Waller’s comments come as lawmakers continue advancing the CLARITY Act in Congress. Galaxy Digital CEO Mike Novogratz recently urged lawmakers to move quickly on the legislation, calling June a critical month for regulatory clarity in the crypto industry.

Senator Cynthia Lummis has also voiced strong support for the bill, linking it to President Donald Trump’s broader cryptocurrency agenda. She encouraged bipartisan cooperation and said she expects the legislation to reach a Senate floor vote later this summer.

Despite growing support, the CLARITY Act faces scheduling challenges in Congress. Legislative priorities, including budget reconciliation efforts, FISA-related measures, and a housing package passed by the House, are expected to compete for limited Senate floor time. Political analyst and crypto journalist Eleanor Terrett noted that Congress has only a few working weeks available before the August recess, increasing pressure on lawmakers to act quickly.

The Senate Banking Committee previously advanced the CLARITY Act with a bipartisan 15-9 vote on May 14, marking a significant step forward for U.S. crypto regulation. As debate continues, the legislation remains one of the most closely watched developments in the digital asset industry, with potential implications for stablecoins, cryptocurrency markets, and the future of financial innovation in the United States.