Fed’s Barr Calls for Strong Stablecoin Oversight, Citing ‘Long and Painful’ History

Federal Reserve Governor Michael Barr invoked a “long and painful history of private money created with insufficient safeguards” in remarks Tuesday, making the most pointed Fed case yet for aggressive stablecoin oversight under the newly enacted GENIUS Act. The comments land directly on the two largest issuers in a $200 billion market – Tether and Circle – and signal that the Fed’s imple…