Waller opened the U.S. Federal Reserve’s conference on payments innovation, where cryptocurrencies are on the agenda for the first time. Representatives from blockchain and stablecoin firms like Chainlink and Paxos are present. Paxos CEO Charles Cascarilla addressed an over-minting error, emphasizing blockchain’s transparency. Cascarilla also noted that DeFi and crypto need to be more user-friendly for widespread adoption. The stablecoin panel urged the Fed to upgrade infrastructure and provide clear guidance on digital assets. Chainlink CEO Sergey Nazarov emphasized the importance of interoperability in the payment landscape. Lead Bank CEO Jackie Reses warned of potential security risks from AI fraud in payments technology. BNY’s Jennifer Barker outlined key priorities for regulators in modernizing payment rails. Waller launched the Payments Innovation Conference, emphasizing the need to incorporate DeFi and cryptocurrency into payment systems. He advocated for private sector innovation alongside public infrastructure improvements. The Fed is exploring tokenization, smart contracts, and AI in payments. Waller proposed a new “payment account” framework for modern financial institutions. This development was reported by TheStreet on Oct 21, 2025.

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