Important personnel changes at the Fed: "A turning point for Crypto"

U.S. Federal Reserve (Fed) Board Member Michelle Bowman has been appointed by the Senate as the Fed's Vice Chair for Supervision. Senator Cynthia Lummis, who is known for her crypto-friendly stance, hailed the decision as a "promising step" for digital assets.

Bowman was nominated for this position by President Donald Trump in March. She was confirmed by the Senate with a vote of 48 to 46. Bowman, who has served as a member of the Board of Governors of the Fed since 2018, has risen to one of the highest positions in the Central Bank.

Senator Lummis tweeted, "I am very pleased that the Senate has confirmed Bowman as the Fed's Vice Chair for Supervision. This endorsement represents a milestone for digital assets. Miki's non-political, evidence-based approach to regulation will bring balance and accountability to America's financial system."

In testimony before the Senate Banking Committee in April, Bowman argued that the U.S. financial regulatory structure "has become overly complex and repetitive," arguing that regulations need to be simplified. Although he did not directly mention cryptocurrencies during the nomination process, he is known to have addressed the potential of digital assets and blockchain technology in his previous speeches.

Senate Banking Committee Chairman Senator Tim Scott emphasized that Bowman’s position is critical to the safety of the banking system and the protection of economic well-being. He also pointed out that the regulatory gaps experienced during previous administrations have harmed the financial system, highlighting the importance of quickly filling this position.

Published: June 5, 2025 17:36