Fed officials will advance the development of stablecoin regulatory rules.

According to ChainCatcher news and Bloomberg reports, Fed senior banking regulator Michelle Bowman 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. The initiative aims to ensure healthy competition among Wall Street TradFi institutions, fintech companies, and Crypto Assets enterprises. In her prepared remarks, Bowman emphasized that the responsibility of regulators is to encourage innovation in a responsible manner while continuously enhancing their oversight capabilities regarding the safety and soundness risks that innovation may bring.