The US Senate has confirmed Michelle "Miki" Bowman as the new Vice Chair for Supervision at the Federal Reserve, a decision seen by some as a potential shift in the central bank's regulatory stance on digital assets. In a narrow 48-46 vote, Bowman's confirmation took place on June 4, marking her as a key figure who can directly influence policies regarding oversight of digital currencies and related companies. Senator Cynthia Lummis of Wyoming, known for her support of cryptocurrency, hailed this confirmation as a significant moment for digital assets. She stated, “Miki’s commitment to evidence-based regulation over political considerations will strengthen America’s financial system.”
Bowman has served on the Fed’s Board of Governors since 2018 and has previously raised concerns about the risks associated with central bank digital currencies and stablecoins that lack robust regulatory frameworks. While she did not disclose explicit policy stances on digital assets during her nomination hearing, her track record suggests a nuanced understanding of the evolving crypto space. Ji Hun Kim, president of the Crypto Council for Innovation, remarked that, “Governor Bowman’s past speeches have shown a keen understanding of the evolving blockchain and digital asset landscape.”
This confirmation comes amid broader scrutiny of regulatory policies for cryptocurrencies as lawmakers raise questions surrounding the previous administration's influence on the crypto sector. With Jerome Powell still serving as the Fed chair and advocating for a stronger regulatory framework for cryptocurrencies, this political change might mark a pivotal moment for those involved in digital assets.
Bowman has served on the Fed’s Board of Governors since 2018 and has previously raised concerns about the risks associated with central bank digital currencies and stablecoins that lack robust regulatory frameworks. While she did not disclose explicit policy stances on digital assets during her nomination hearing, her track record suggests a nuanced understanding of the evolving crypto space. Ji Hun Kim, president of the Crypto Council for Innovation, remarked that, “Governor Bowman’s past speeches have shown a keen understanding of the evolving blockchain and digital asset landscape.”
This confirmation comes amid broader scrutiny of regulatory policies for cryptocurrencies as lawmakers raise questions surrounding the previous administration's influence on the crypto sector. With Jerome Powell still serving as the Fed chair and advocating for a stronger regulatory framework for cryptocurrencies, this political change might mark a pivotal moment for those involved in digital assets.
