According to BlockBeats, on August 20, Federal Reserve Governor Bowman stated that banks and regulators must embrace the benefits of new technologies like artificial intelligence and cryptocurrency, or their role in the economy could be diminished.
In her speech, she said: 'Change is coming.' She indicated that ideally, regulators would allow new uses to 'surge in a way that benefits the banking system.' 'If this is not our approach, then we may face the risk of a decline in the correlation between the banking system and consumers, businesses, and the overall economy.'
Bowman calls on the industry to help regulators better understand blockchain and digital assets, as well as the potential of new technologies to address issues like fraud. She also stated that she would seek to reduce regulatory scrutiny related to reputational risk, hinting that new rules may be developed. (Jin Shi)