Fed’s Hammack questions whether GENIUS Act will boost global dollar demand

The Cleveland Fed president linked smart contracts and agentic workflows to dollar demand, but warned that US rules haven't caught up A sitting Federal Reserve president is now talking openly about software paying software. Cleveland Fed President Beth M. Hammack said that AI agents using stablecoins would mark a major shift in how money moves. That is not a sentence most people expected from a central banker a few years ago. It also comes with a catch: Hammack says US regulation isn’t built for the scenario she is describing. Hammack delivered the remarks on November 5, 2026, at the SNB and Its Watchers Conference. Her broader topic was how stablecoins relate to the US dollar’s role as the world’s reserve currency.

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