The Senate Banking Committee hearings regarding banking regulators have just begun! In her prepared testimony, Federal Reserve Vice Chair for Supervision Michelle Bowman stated that the Fed is working to implement the GENIUS system and plans to "clarify how digital assets are handled to ensure the banking system can better support digital asset activities." Bowman said, "As a regulator, my responsibility is to encourage innovation responsibly, and we must continuously improve our regulatory capabilities to address the risks that innovation may pose to the safety and soundness of the banking industry."