Fed’s Bowman Says Regulators Working on Stablecoin Rules

The Federal Reserve’s top bank cop told House lawmakers Tuesday that she will work to establish new rules for banks and stablecoins, as regulators seek to ensure healthy competition between Wall Street, fintechs and crypto firms.

“As a regulator, it is my role to encourage innovation in a responsible manner, and we must continuously improve our ability to supervise the risks to safety and soundness that innovation presents,” Bowman said in remarks for a House Financial Services Committee hearing.