Federal Reserve Official Urges Joint Regulation of Stablecoins

According to BlockBeats, on May 16, Federal Reserve Board Member Michelle Bowman urged state and federal governments to establish partnerships to jointly regulate stablecoins. This call was made during a question and answer session at the DC Blockchain Summit hosted by the Chamber of Digital Commerce, where Bowman was asked about the role state and federal governments should play in addressing stablecoin issues. Bowman, a senior federal official from the Republican party, indicated that there is more 'openness' to discussions expanding in this area at the state level. 'For me, it's important to have a partnership,' Bowman stated. She also expressed concerns about the potential risks associated with U.S. currency, such as sell-offs, which may necessitate protective measures for the dollar. Bowman further stated that from the Federal Reserve's perspective, they have the ability to participate and negotiate with either the current bill or other forms of cooperative frameworks. Whether it's the potential of the U.S. advancing stablecoins through the current bill or other forms, the Federal Reserve should have a seat at the table, according to Bowman.