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Crypto Isn’t Scary — It’s the Future of Payments, Says Fed Governor Waller
U.S. Federal Reserve Governor Christopher Waller reassured both policymakers and the banking sector that crypto-based payment systems—especially those using decentralized technologies—are nothing to be concerned about.
Speaking at the 2025 Wyoming Blockchain Symposium, Waller said,
“There is nothing scary about this just because it occurs in the DeFi world. It’s simply new technology for transferring value and recording transactions.”
Fed Shifts Toward Crypto Inclusion
Waller’s comments come as part of a broader shift in the Federal Reserve’s approach to digital assets. In April, the Fed repealed 2022 guidance that discouraged banks from engaging in crypto and stablecoin activity. More recently, it ended its “novel activities supervision program,” which had placed additional scrutiny on crypto operations.
Fed Vice Chair Michelle Bowman also suggested that staff be allowed to hold small amounts of crypto for research purposes.
Waller—seen as a potential successor to Fed Chair Jerome Powell—is now positioning crypto as a natural evolution in financial infrastructure.
Stablecoins as Everyday Tools
To simplify crypto for mainstream audiences, Waller compared buying a meme coin with stablecoins to buying an apple with fiat via debit card.
He emphasized that smart contracts and distributed ledgers simply replace traditional intermediaries—without changing the core transaction logic.
Regulatory Progress and Market Growth
Waller also praised the recent GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins), calling it a key step toward broader stablecoin adoption. He believes stablecoins could help expand the dollar’s global reach, especially in inflation-prone or underbanked regions.
The stablecoin market, now valued at $280 billion, is projected to grow to $2 trillion by 2028, led by USDT and USDC, which dominate the sector today.
