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Federal Reserve Board Vice Chair for Supervision Michael S. Barr reviewed developments in payment system innovation and emphasized the importance of "carefully weigh[ing]" the benefits and risks of the new technologies as to stablecoins and central bank digital currencies.

Federal Reserve Board Vice Chair for Supervision Michael S. Barr touted the "wave of innovation in the payments system" and argued the need for legislative and regulatory action on stablecoins "before significant risks emerge."