Lawmakers stumble on stablecoin terms as US Congress grills Fed’s Bowman
Cointelegraph
Congress questioned Fed Vice Chair Bowman about her support for bank engagement with digital assets and stablecoin definitions.Summary
During a Tuesday oversight hearing, Representative Stephen Lynch questioned Federal Reserve Vice Chair Michelle Bowman regarding her previous encouragement for banks to "engage fully" with digital assets. The questioning revealed confusion over the definition of stablecoins versus broader digital assets. Bowman clarified that the Fed is working on a digital asset framework as required by the GENIUS Act, which mandates regulations for payment stablecoins. Separately testifying, FDIC acting chair Travis Hill stated that the FDIC would propose a stablecoin supervision framework later that month, as the agency is also responsible for implementing the GENIUS Act.
(Source：Cointelegraph)