The Senate Banking Committee hearing focused on banking regulators just started!
In prepared testimony, Federal Reserve Vice Chair for Supervision Michelle Bowman says the central bank is working on implementing GENIUS and also has plans to "provide clarity regarding the treatment of digital assets to ensure that the banking system is well placed to support digital asset activities."
"As a regulator, it is my role to encourage innovation in a responsible manner, and we must continuously improve our ability to supervise the risks that innovation may present to safety and soundness," Bowman said.
