🔥🚨【When Federal Reserve Officials Clash with Congress Members, the Crossroads of Cryptocurrency Regulation Arrives!】
During a heated congressional hearing yesterday, U.S. Congressman Stephen Lynch publicly questioned Federal Reserve Vice Chair Michelle Bowman’s stance on digital assets. This confrontation directly highlighted the profound divisions among U.S. leadership regarding cryptocurrency regulation.
🤔 Controversial Focus: Should Central Bank Officials Encourage Banks to "Play Crypto"?
The catalyst for the event was Vice Chair Bowman’s earlier remarks at an international banking conference encouraging banks to "fully engage" in digital assets. Congressman Lynch raised concerns about this, reflecting a significant reassessment by the U.S. legislative body of the role of financial regulatory agencies.
Notably, Congressman Lynch has been a fierce critic of cryptocurrency, having publicly stated that "cryptocurrency has no legitimate use case." His questioning represents a strong voice of vigilance within Congress regarding the cryptocurrency industry.
🛡️ Bowman's Response: Balancing Compliance and Innovation
In response to the questioning, Vice Chair Bowman articulated her regulatory philosophy. She stated that as a regulator, her duty is to "encourage innovation in a responsible manner." She cited the recently passed "GENIUS Act" as the basis for her authority, which explicitly mandates that the Federal Reserve and other agencies develop a regulatory framework for digital assets such as stablecoins.
She further committed to working with other regulatory agencies to establish detailed regulations regarding capital and reserves for stablecoin issuers, aiming to create a fair competitive environment for FinTech and traditional banks.
📜 Synchronization Signal: FDIC Stablecoin Framework Coming Soon
Moreover, during the same hearing, the acting chair of the Federal Deposit Insurance Corporation (FDIC), Travis Hill, also revealed that the FDIC will propose its own stablecoin regulatory framework later this month. This indicates that major U.S. financial regulatory agencies are collaboratively advancing the clarity of cryptocurrency asset regulation.
