Fed's Bowman Pushes for Stablecoin Rules

Michelle Bowman, a top official at the Federal Reserve, spoke to Congress about new rules for banks and stablecoins.

She wants to make sure that new technologies like stablecoins are safe and fair for everyone.

Stablecoins are a type of digital money that is supposed to be as stable as regular money.

Bowman also talked about making banks stronger by updating their rules, including something called Basel III Endgame.

This is important because it helps banks handle risks better.

She also mentioned working with other agencies to make sure stablecoin companies follow the rules, like keeping enough money in reserve.

There is some disagreement between traditional banks and crypto companies about how these rules should work, but Bowman is trying to find a balance.