Fed Governor Bowman: States and the federal government need to cooperate in the field of stablecoins

BlockBeats news, May 16, according to The Block, Federal Reserve Board member Michelle Bowman urged states and the federal government to form a partnership to jointly regulate stablecoins while lawmakers are working on relevant bills.

Bowman was asked at the Digital Chamber of Commerce's DC Blockchain Summit what role states and the federal government should play in addressing stablecoin issues. The senior Republican federal official said there is more "openness" in discussing the expansion of this field at the state level.

"For me, it's important to have a partnership," Bowman said.

"The U.S. currency is accompanied by risks such as sell-offs, which may require us to provide protection for the U.S. dollar," Bowman said. "So from the Fed's perspective, we have the ability to participate and negotiate with whether it is the current bill or other forms of cooperation frameworks, whether the potential for the United States to promote stablecoins is one of the current bills or other forms, the Fed should have a seat."