美联储监管负责人鲍曼：稳定币与资本规则将迎新变革

Group 1 - The Federal Reserve's top bank regulator, Bowman, plans to emphasize the need for responsible encouragement of innovation while enhancing the identification and management of risks associated with innovation in her written testimony to the House Financial Services Committee on December 2 [1] - Bowman highlights that new technologies are reshaping the banking ecosystem by improving operational efficiency and expanding credit coverage, creating value for consumers and businesses [1] - The development of financial technology and digital asset companies requires a "level playing field," and regulators will work to break down industry barriers to ensure fair competition among traditional banks, fintech companies, and cryptocurrency firms [1] Group 2 - Bowman reveals plans to collaborate with multiple agencies to establish capital and diversified regulatory rules for stablecoin issuers, strictly implementing the "Genius Act" requirements of "registration + equivalent reserves" to prevent stablecoins from deviating from traditional financial regulatory frameworks [1] - The Federal Reserve is advancing the Basel III final rules with a "bottom-up" calibration approach, emphasizing the need to adjust regulatory standards based on actual risk exposures rather than preset capital requirements [2] - Traditional banks warn of the risks of license abuse as cryptocurrency companies seek bank licenses for legitimacy, with Bowman reiterating that regulation will adhere to a "functional regulation" principle to prevent regulatory arbitrage [2] Group 3 - Bowman's testimony conveys a clear policy direction: finding a precise balance between encouraging financial innovation and maintaining financial stability [2] - Each initiative, from the hard constraints of stablecoin "equivalent reserves" to the dynamic calibration mechanism of Basel regulations, aims to build a more resilient, inclusive, and sustainable modern financial system [2] - The outcomes of this regulatory transformation will significantly impact the competitive landscape and risk profile of global digital finance over the next decade [2]