PANews reported on February 7 that according to Bloomberg, Federal Reserve Board member Christopher Waller said he supports stablecoins because these digital currencies have the potential to consolidate the dollar's position as a reserve currency, although they require a clear set of rules and regulations. Waller pointed out: "Stablecoins can be backed by any currency, but are usually backed by the US dollar; I think stablecoins are a net contribution to our payment system, and you may need some regulatory framework to ensure that the funds are in place and that someone is responsible for checking whether it is fully backed by assets." He said that both major parties believe that legislation around digital currencies is "worth advancing."