Sarah Wynn, a reporter for The Block, wrote on the X platform that Federal Reserve Governor Bowman testified before the U.S. Senate Committee on Finance, Housing, and Urban Affairs. It is understood that the Federal Reserve is advancing the GENIUS project and plans to "clarify how digital assets are handled and ensure the banking system is capable of supporting digital asset-related activities." Bowman emphasized, "As a regulator, my responsibility is to encourage innovation responsibly while continuously improving oversight to address the safety and robustness risks that innovation may bring."