U.S. Senate Banking Committee Begins Hearing on Banking Regulation

The U.S. Senate Banking Committee has commenced its hearing on banking regulation. According to ChainCatcher, Federal Reserve Vice Chair for Supervision, Michelle Bowman, stated in her prepared testimony that the central bank is working on implementing the stablecoin bill GENIUS. The aim is to provide clarity on how digital assets are managed to ensure the banking system can effectively support digital asset activities. Bowman emphasized her responsibility as a regulator to encourage innovation responsibly and to continuously enhance the ability to supervise the risks that innovation may pose to safety and soundness.