During a congressional hearing, Representative Stephen Lynch pressed Federal Reserve Vice Chair for Supervision Michelle Bowman about her past statements encouraging banks to engage with digital assets and stablecoins. He challenged her definition of these terms, citing her prior remarks at the Santander International Banking Conference where she suggested broader engagement with cryptocurrencies rather than specific tokens. The GENIUS Act mandates the Fed’s work on digital assets, driving Bowman’s response that the FDIC will propose a framework for stablecoin oversight before the end of the month. This framework aims to clarify and establish guidelines for US-dollar pegged tokens while also offering further clarity on the regulatory status of tokenized deposits.