Fed's Bowman: Will collaborate to formulate stablecoin rules alongside Basel III capital requirements.

According to Bloomberg, Fed Chief Financial Regulator Michelle Bowman plans to indicate to House lawmakers at a congressional hearing on Tuesday that she will be committed to developing new regulatory rules for banks and stablecoins.

The core goal of this move is to ensure that Wall Street, fintech companies, and cryptocurrency companies can maintain a healthy competitive relationship within a clear and fair regulatory framework.

Bowman pointed out in her testimony before the House Financial Services Committee that the role of regulators is to "encourage innovation in a responsible manner" and to effectively manage related risks. She believes that new rules can enhance the efficiency of the banking industry, broaden credit channels, and create a fair competitive environment for fintech and digital asset companies.

To this end, she will collaborate with other regulatory agencies and establish clear capital and business diversification rules for stablecoin issuers in accordance with the requirements of the Genius Act, to ensure their formal registration and maintenance of sufficient dollar reserves.

It is worth noting that this move comes at a time when traditional banks and cryptocurrency companies are in dispute over the regulation of digital assets (particularly the issuance of banking licenses). Traditional banks are concerned that if cryptocurrency firms easily obtain banking licenses without bearing corresponding responsibilities, it will lead to unfair competition.

In addition to the stablecoin issue, Bowman's testimony also emphasized his efforts to advance the implementation of various banking capital regulatory measures, including the widely watched final version of the Basel III protocol.

She stated that the idea of the new framework is to adjust the design of the new framework from the ground up, rather than achieving preset capital requirements through reverse engineering.

Previous reports indicated that the Fed had presented the revised draft to other U.S. regulatory agencies, and the new draft significantly relaxes the capital requirements originally intended for Wall Street financial institutions.

Bowman also added that the Fed is simultaneously improving the additional fee mechanism for large banks, and the related reforms will be promoted in conjunction with adjustments to capital regulation.

Overall, Bowman's statement reflects that U.S. financial regulators are trying to strike a balance between encouraging innovation and maintaining financial stability. The subsequent rule-making may profoundly impact the competitive landscape of traditional banks, the crypto industry, and the entire financial market.

#美联储 # stablecoin regulation