The U.S. Federal Reserve has planned to hold a meeting specifically to discuss payment-related issues, including stablecoins and tokenization technology.
In an announcement released on Wednesday, the Fed stated that the meeting, scheduled for October 21, will explore "emerging stablecoin use cases and business models" as well as "the tokenization of financial products and services," which is part of efforts to drive innovation in the U.S. payment system.
Notably, although this announcement comes from the entire Federal Reserve Board, the comments on the event were made by Governor Christopher Waller, rather than Fed Chair Jerome Powell.
Waller noted, "The payments space has been continuously innovating to meet the evolving needs of consumers and businesses. I look forward to discussing the opportunities and challenges presented by new technologies, gathering ideas on how to enhance payment security and efficiency, and hearing insights from industry experts who are shaping the future of payments."
This exploration of stablecoin use cases is likely a response to the "GENIUS Act" passed in July of this year. The act established a framework for payment stablecoins, requiring the U.S. Treasury and the Federal Reserve to develop relevant regulatory provisions before implementation.
At the time of this meeting announcement, the independence of the Federal Reserve is facing widespread concern, as U.S. President Trump attempted to dismiss Governor Lisa Cook on the grounds of mortgage fraud. Cook has made it clear that she will not resign and has filed a lawsuit to block Trump's actions.
About 600 economists published an open letter on Tuesday, reminding the government that "no governor should be removed from office unless there is a clear, documented 'just cause' that can withstand judicial scrutiny," while warning that this would pose a significant challenge to the Fed's independence.
The open letter emphasized: "Undermining this standard would increase uncertainty in monetary policy and force markets to factor political risk into interest rate considerations, thereby raising rates and increasing costs for households and businesses. Elected officials should avoid rhetoric or actions that undermine the independence of the Federal Reserve System […]"
Cointelegraph has contacted the Federal Reserve, but has not received a response as of the time of publication.
Although Cook's case is still pending in U.S. courts, many legal experts have commented on the matter since Trump has repeatedly expressed a desire to dismiss her before Powell's term ends in 2026.
An earlier Supreme Court ruling expanded presidential power over previously considered independent agencies, but also noted that the Federal Reserve is a "structurally unique quasi-private entity," clearly stating that any removal of its leadership must be "for just cause."
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Original article: “Federal Reserve to Hold Digital Asset Conference Amid Leadership Challenges”
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