[Federal Reserve's Bowman: Developing Stablecoin Regulatory Rules to Balance Competition Between Banks and Crypto Firms] Foresight News reports, according to Sina Finance, that Federal Reserve Vice Chair Michelle Bowman stated in her prepared remarks for the House Financial Services Committee hearing that efforts are underway to establish new rules for banks and stablecoins. Regulators are seeking to ensure healthy competition between Wall Street, fintech companies, and cryptocurrency firms. 'As a regulator, my responsibility is to encourage innovation in a responsible manner. We must continuously enhance our ability to regulate the risks that innovation poses to safety and soundness.'