PANews reported on October 17th that according to Bloomberg, Federal Reserve Board Governor Michael Barr stated that given the potential for stablecoins to provide multiple benefits to the financial system, more specific regulatory measures are needed to ensure their safe operation. He stated, "For stablecoins to realize their full potential, more work is needed to establish a regulatory framework that protects families, businesses, and the entire financial system." He welcomed the passage of the Genius Act earlier this year, but said regulators must now work to fill legislative gaps in the act to strengthen market confidence in stablecoins and protect consumers and businesses from runs and other destabilizing events. However, Barr also believed that stablecoins could also improve the financial landscape, such as making remittances faster and cheaper and increasing the efficiency of global trade. Barr emphasized that several measures, including stronger regulation, may be needed before the use of stablecoins can grow significantly. He stated that it is not yet clear whether new regulations are needed to further regulate the industry, nor is it certain that regulators can build a sufficiently strong regulatory framework within the framework of the Genius Act.