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FDIC Prepares Stablecoin Framework Amid Fed’s Crypto Scrutiny
FDIC Prepares Stablecoin Framework Amid Fed’s Crypto Scrutiny
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BTCCSquare news:
Washington’s crypto clash escalated as Representative Stephen Lynch challenged Federal Reserve Vice Chair Michelle Bowman during an oversight hearing. Lynch seized on Bowman’s earlier endorsement for banks to 'engage fully' with digital assets, demanding clarity on whether this included volatile cryptocurrencies. Bowman parried, insisting her remarks covered the broader digital asset spectrum.
The Fed operates under the GENIUS Act’s mandate to regulate digital asset activities—a point Bowman emphasized. Meanwhile, the FDIC moves forward with stablecoin guidelines, focusing on issuers tied to FDIC-insured banks. This bifurcated approach highlights regulators’ struggle to reconcile innovation with systemic risk.
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