Good morning from the Financial Times. Today is Thursday, May 14th, and this is your FT News briefing.

The Federal Reserve is set to have a new chair at last, and Germany's far-right party is now leading in opinion polls.

Plus, the Bank of England wants to roll out the welcome mat to stable coins.

There's a real feeling that the U.S. has stolen a march in this industry,

and there's a real danger that we could be left behind.

I'm Sonia Hudson, and here's the news you need to start your day.

The U.S. Senate confirmed Kevin Warsh as the next Federal Reserve Chair yesterday.

It was a turbulent journey, but lawmakers ultimately voted 54 to 45 in favor of his appointment.

Warsh is no stranger to the Fed. He served as a governor in the mid-2000s.

U.S. President Donald Trump is expected to sign off on his confirmation, but Warsh has to sell off more than $130 million in assets before he steps into his new job.

J. Powell could remain chair until that's settled.

Warsh enters the role with an American economy that's facing high inflation.

Data from this week showed sharp price rises in April.

The Bank of England is loosening its stance on crypto.

The central bank is preparing to water down its planned restrictions on stable coins.

The move comes after crypto companies criticize the UK for being too conservative in its approach to digital assets. The FTs Martin Arnold broke this story. He covers financial

regulation for us. Hi, Martin. Hi, Sonia. So, Martin, I said that the BOE is planning to

soften its proposed restrictions on stable coins. What would that look like?

Yeah. So there's two key areas that the Bank of England is planning to revise its proposals on.

The first one is on holding limits. So the central bank has proposed that individuals will be restricted to owning no more than

20,000 pounds per coin, and businesses will be limited to owning up to 10 million pounds.

The second proposal that the Bank of England is looking at is its requirement for at least 40% of the assets

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