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At the Wyoming Blockchain Symposium on Aug. 19, U.S. Federal Reserve Vice Chair for Supervision Michelle Bowman spoke on the transformative potential of blockchain and tokenized assets, including stablecoins. She highlighted tokenization's ability to "facilitate faster ownership transfer, mitigating some of these well-known risks and potentially lowering costs." Additionally, she noted that banks are "improving their tech stacks and security infrastructure to provide digital asset custody services."
Bowman also referenced recent legislation: "One recent development — Congress passing the GENIUS Act and the President signing it into law — has brought stablecoins to the forefront of many discussions." She said regulators are working with bank supervisors "to move forward" toward creating a regulatory framework for stablecoins.
After the passage of the GENIUS Act, America's Credit Unions urged the NCUA to "move quickly to begin rulemaking that will permit credit unions to provide digital-asset custody in a safe and sound manner," noting that banks have had clearer guidance on cryptocurrency "since 2021," giving them a "distinct competitive advantage."
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