Senate Confirms Bowman as Fed Watchdog: Crypto Industry Reacts

Senate Confirms Bowman as Fed Watchdog: Is It a Win for Crypto?

Michelle Bowman, a member of the Federal Reserve Board, was appointed by the US Senate to serve as the central bank’s deputy chair for supervision. The ruling portends a better future for digital assets, according to Senator Cynthia Lummis. President Trump nominated Bowman for the position in March, and he was confirmed by the Senate 48–46. Since 2018, she has been a Fed governor.

I’m thrilled that the Senate has confirmed Miki Bowman as Vice Chair of Supervision at the Federal Reserve. Her confirmation represents a turning point for digital assets and brings much-needed balance and accountability to Fed banking supervision. Miki’s commitment to evidence-based regulation over political considerations will strengthen America’s financial system.

Lummis

Fed Oversight Debate Heats Up: Bowman on Regulation, Scott on Accountability

When Bowman spoke before the Senate Banking Committee in April, she stated that the U.S. regulatory environment has expanded widely. She said that it has become redundant and unduly complex, with mandates that overlap and contradict. However, during the nomination hearing, she made no mention of cryptocurrency.

The Federal Reserve’s Vice Chair for Supervision plays a critical role in safeguarding our banking system and ensuring a prosperous economy. During the previous administration, we saw the negative impacts of poor direction in the position, which is why I called on the Trump administration to quickly fill the role and restore accountability at the Federal Reserve,

Sen. Tim Scott

Crypto Council Backs Bowman for Her Insight on Blockchain and Digital Assets

Additionally, Bowman has received support from the Crypto Council for Innovation.

Governor Bowman’s past speeches and engagement have demonstrated a keen understanding of the evolving blockchain and digital asset landscape. Her willingness to explore and discuss the potential benefits and challenges of emerging technologies, including digital assets, reflects a commitment to informed policymaking.

the CCI

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