The next hot candidate for the Federal Reserve Chair, Waller, has publicly expressed an optimistic attitude towards digital assets (especially Ethereum and stablecoins), urging financial institutions to embrace cryptocurrencies as a natural next step in the evolution of payments.
Written by: Xu Chao
Source: Wall Street Insight
The leading candidate for the next Federal Reserve Chair, Federal Reserve Governor Waller, delivered an important speech, openly expressing optimism about digital assets (especially Ethereum and stablecoins), stating that the GENIUS Act is making positive progress. The outside world believes this provides significant policy support for the institutional adoption of digital assets like stablecoins and Ethereum.
On Thursday local time, Federal Reserve Governor Waller spoke at the 2025 Wyoming Blockchain Symposium.
Waller praised Ethereum and stablecoins as the natural next step in the development of payment technologies, stating that smart contracts, tokenization, and distributed ledgers do not pose risks in everyday use, and urged financial institutions to accept cryptocurrencies as a natural next step in payment development.
Regarding regulation, Waller described the GENIUS Act as "a good start" and promised to gradually address existing issues as the process advances.
Waller's advocacy for Ethereum and stablecoins as foundational financial infrastructure aligns with key regulatory legislation passed in 2025. This statement has been interpreted by the market as a positive signal for the reassessment of cryptocurrencies.
The GENIUS Act requires stablecoin issuers to hold a 1:1 reserve of high-quality liquid assets, while the CLARITY Act clarifies the regulatory framework for digital commodities, eliminating regulatory uncertainty for institutional investors.
Regulatory Framework Boosts Institutional Confidence
The GENIUS Act took effect in July 2025, establishing the first federal regulatory framework for stablecoins in the United States.
The act requires stablecoin issuers to hold high-quality liquid assets such as U.S. Treasury securities and cash as a 1:1 reserve and clarifies the supervisory responsibilities of banking regulators like the OCC and FDIC.
To complement the GENIUS Act, the CLARITY Act, passed by the House in July 2025, further clarified the jurisdictional boundaries of the SEC and CFTC.
This act classifies non-stablecoin assets like Bitcoin and Ethereum as "digital commodities" regulated by the CFTC, eliminating regulatory ambiguity for asset management firms and institutional investors.
This dual legislative framework has created a favorable environment for institutional adoption, driving rapid growth in Ethereum-based tokenized assets and ETFs.
Regulatory clarity has directly facilitated institutional investment in Ethereum and stablecoins.
As of the third quarter of 2025, the asset management scale of Ethereum ETFs reached $27.6 billion, with inflows surpassing those of Bitcoin ETFs. BlackRock's ETHA ETF attracted $10 billion in assets under management within ten days of its launch.
Corporate funds have also been reallocated to the Ethereum space, with over 64 companies investing $10.1 billion in staking and tokenizing real-world assets.
Platforms like BlackRock's BUIDL and Franklin Templeton's Progmat are leveraging Ethereum's infrastructure to provide decentralized ownership of assets, combining traditional finance with blockchain programmability.
Ethereum's technological upgrades have further enhanced its appeal to institutional investors. After Ethereum completed the Pectra and Dencun upgrades, gas fees (transaction fees) on Ethereum decreased by 90%.
The reduction in fees has directly lowered the cost of running decentralized finance (DeFi) applications on Ethereum, attracting more institutional funds. The total value locked (TVL) in DeFi reached $22.3 billion, with significant funds being invested in lending, staking, liquidity pools, and other decentralized financial products.
Ethereum's dominant position in the stablecoin ecosystem has become even more solidified, with stablecoins issued and circulating on Ethereum accounting for 50% of the global market share.
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