Federal Reserve Governor Bowman: Seeking to Establish New Rules for Banks and Stablecoins to Ensure Fair Competition

BlockBeats News, December 2nd, according to Bloomberg, Federal Reserve Governor Bowman today told members of the House of Representatives that she will work to establish new rules for banks and stablecoin issuers, with regulators seeking to ensure healthy competition between Wall Street, fintech firms, and cryptocurrency companies. In remarks prepared for a hearing before the House Financial Services Committee, Bowman said: "As a regulator, it is my responsibility to encourage innovation in a responsible manner, and we must continuously enhance our own capabilities to regulate the safety and soundness risks posed by innovation. New technologies can create a more efficient banking system that expands access to credit while enabling banks to compete fairly with fintech and digital asset companies."

Bowman also stated that she will work with other agencies to establish capital and regulatory requirements for stablecoin issuers in accordance with the requirements of the "Genius Act." The "Genius Act" mandates that these issuers register officially and hold an equivalent amount of U.S. dollar reserves.