Lawmakers Stumble on Stablecoin Terms as US Congress Grills Fed’s Bowman

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So, here’s the thing. US Representative Stephen Lynch, in his infinite wisdom, decides to press Federal Reserve Vice Chair Michelle Bowman on her, well, let’s call them “colorful” remarks about banks getting cozy with digital assets. He’s all, “Hey, Bowman, didn’t you say banks should really ‘engage fully’ with this crypto thing?” And she’s like, “Yeah, but I didn’t mean just crypto, I meant digital assets. There’s a difference. Big difference.”

Now, Lynch, clearly confused as ever, starts going off on this whole thing about digital assets versus stablecoins. Like, buddy, I don’t even know what you’re saying anymore. But Bowman, staying cool as a cucumber, explains the whole shebang about the GENIUS Act, which apparently Congress gave the Fed permission to mess around with. Yeah, you read that right: GENIUS. They named a bill that. Who’s the genius now?

Here’s Bowman, clearly exhausted from the back-and-forth, telling him, “Look, Lynch, this GENIUS Act lets us regulate these things, okay? It’s what Congress told us to do. Now, stop asking me about stablecoins.”

Now, let’s talk stablecoins for a second. The whole point of stablecoins is that, you guessed it, they’re stable. Yeah, just like your favorite uncle who promises to be on time for Thanksgiving, and then shows up two hours late. But hey, most stablecoins do stick pretty close to the dollar, except when they don’t. Like that one time Terra’s stablecoin tried to run for the hills in 2022 and fell flat on its face. But let’s not get bogged down in details. You get the point: stability. Or something like it.

And to top it all off, Bowman’s like, “Hey, maybe Fed staff should own a tiny bit of crypto to figure this all out.” I’m sure that’s going to go over well. “Hey, guys, here’s some Bitcoin, go figure out how this whole thing works. Just don’t lose it, alright?”

FDIC Acting Chair Says Stablecoin Framework is Coming Soon

And don’t you worry, there’s more. Travis Hill, acting chair of the Federal Deposit Insurance Corporation (FDIC), also joined the party. He’s the guy who’s supposed to help implement this GENIUS Act. Hill drops the bombshell: “We’re going to have a stablecoin framework soon. Like, very soon. Definitely later this month. Just trust me on this one.”

So, yeah, it seems like everyone’s all-in on stablecoins, and no one really knows what to call them, but they’re definitely coming… eventually. But don’t worry, it’ll all make sense in the end. Maybe. Probably not.

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2025-12-03 00:38