[Federal Reserve Governor Bowman: Seeking New Rules for Banks and Stablecoins to Ensure Healthy Competition] BlockBeats News, December 2, according to Bloomberg, Federal Reserve Governor Bowman stated to members of the House of Representatives today that she will work to establish new rules for banks and stablecoins. Regulators are seeking to ensure healthy competition among Wall Street, fintech companies, and cryptocurrency firms. In her prepared remarks for the House Financial Services Committee hearing, Bowman said: '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. New technologies can create a more efficient banking industry, expand access to credit, and enable banks to compete fairly with fintech and digital asset companies.' Bowman also stated that she will collaborate with other agencies to establish capital and diversification regulatory requirements for stablecoin issuers in accordance with the 'Genius Act.' The 'Genius Act' requires these issuers to formally register and hold equivalent dollar reserves.