Fed Governor Bowman: States and the federal government need to cooperate in the field of stablecoins

Odaily Odaily News: Federal Reserve Governor Michelle Bowman urged states and the federal government to form a partnership to jointly regulate stablecoins while lawmakers are drafting relevant bills. On Wednesday, Bowman was asked at the DC Blockchain Summit of the Chamber of Digital Commerce what role states and the federal government should play in addressing the stablecoin issue. Bowman said that states are more willing to discuss the expansion of this field. "The important point for me is to establish a partnership." Bowman said: "The U.S. currency is accompanied by risks such as bank runs, which may require us to provide protection measures for the U.S. dollar. Therefore, from the perspective of the Federal Reserve, it is important that we have the ability to participate and negotiate with any framework that is ultimately formed, whether it is the current bill or other frameworks that emerge as stablecoins develop in the United States. The Federal Reserve should have a seat in the negotiation process." (The Block)