Fed’s Bowman Says Bank Regulators Working on Stablecoin Rules

The Federal Reserve’s top bank cop plans to tell House lawmakers Tuesday that she will work to establish new rules for banks and stablecoins, as regulators seek to ensure healthy competition between Wall Street, fintechs and crypto firms.

“As a regulator, it is my role to encourage innovation in a responsible manner, and we must continuously improve our ability to supervise the risks to safety and soundness that innovation presents,” Bowman said in prepared remarks for a House Financial Services Committee hearing.

She added that new technologies can create a more efficient banking sector that expands access to credit ...