Federal Reserve officials to advance the formulation of stablecoin regulatory rules

According to ChainCatcher, citing Bloomberg, Michelle Bowman, a senior bank regulator at the Federal Reserve, plans to announce at a House Financial Services Committee hearing on Tuesday that she will work to establish new regulatory rules for banks and stablecoins.

This initiative aims to ensure healthy competition among Wall Street's traditional financial institutions, fintech companies, and cryptocurrency enterprises. In her prepared remarks, Bowman emphasized that regulators have a duty to encourage innovation in a responsible manner, while continuously enhancing their ability to supervise the safety and soundness risks that innovation may bring.