[Federal Reserve's Bowman: Banking Regulators Are Working on Stablecoin Rules] According to Bloomberg, Federal Reserve Governor Bowman plans to tell House lawmakers on Tuesday that she will work on establishing new rules for banks and stablecoins, as regulators aim to ensure healthy competition among Wall Street, fintech companies, and cryptocurrency firms. In her prepared remarks for the House Financial Services Committee hearing, Bowman stated: 'As a regulator, my responsibility is to encourage innovation in a responsible manner, and we must continuously enhance our capabilities to regulate the safety and soundness risks brought by innovation.' She added that new technologies can create a more efficient banking industry, expand access to credit, and enable fair competition between banks, fintech, and digital asset companies. Bowman also mentioned that she will collaborate with other agencies to establish capital and diversification regulatory requirements for stablecoin issuers in accordance with the 'Genius Act.' The act mandates that these issuers formally register and hold equivalent U.S. dollar reserves. She emphasized that agencies will provide clear guidance on digital asset issues and offer regulatory feedback on proposed new use cases.