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U.S. Senate Approves Stephen Miran for Federal Reserve Seat Amid Tight Vote
The U.S. Senate has officially confirmed Stephen Miran, a cryptocurrency-friendly candidate, to the Federal Reserve Board of Governors, following a razor-thin vote on Monday night.
A Narrow Confirmation Vote
Miran’s confirmation passed with 48 senators in favor and 47 opposed, underscoring the contentious nature of his appointment. The confirmation process moved quickly, with multiple reports noting urgency to have him in place before the central bank’s next rate-setting meeting on Tuesday.
Wall Street and Crypto Connections
Before his nomination, Miran served as a senior strategist at Hudson Bay, an investment firm that has been actively trading claims in the FTX bankruptcy, following the exchange’s collapse in late 2022. He has also publicly advocated for streamlined crypto regulations, a stance that resonates with the growing debate around the future of digital asset oversight in the U.S.
Political Tensions at the Fed
The confirmation comes at a time of heightened political friction between the Trump administration and the Federal Reserve. President Donald Trump has clashed publicly with the Fed over interest-rate policy and even attempted to fire Board Governor Lisa Cook—a move later blocked by a judge. Despite this, the administration has continued to push back against Cook’s role.
Filling a Vacant Seat
Miran will serve in a seat left open after Adriana Kugler stepped down in August. Kugler, who joined the Fed in 2023, resigned to return to Georgetown University as a professor. Miran’s term will run through January 31, 2026, giving him a pivotal role in shaping U.S. monetary and regulatory policy over the next year.
With Miran now confirmed, the Fed Board gains a figure seen as sympathetic to the digital asset industry—a development that could shape the central bank’s approach to cryptocurrency regulation and innovation in the coming years.
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