New Federal Reserve Vice Chair Confirmation Represents a ‘Turning Point’ for Crypto, Says Senator Lummis
U.S. Senator Cynthia Lummis (R-WY) is expressing optimism that the appointment of Michelle “Miki” Bowman as Vice Chairman for Supervision of the Federal Reserve Board will have a significant impact on the crypto market. The Senate recently voted 48 to 46 in favor of Bowman assuming the new role, following the departure of Michael Barr on February 28th.
Lummis took to the social media platform X to share her excitement about Bowman’s confirmation and its potential to shape the future of digital assets. She stated, “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.”
During her nomination hearing in April, Bowman emphasized the importance of promoting innovation in the banking system. She stated, “To remain viable and competitive, banks must be able to consider new technologies that can improve products and services, and lower costs. Regulators should adopt an approach that encourages and promotes sensible innovation.”
The Crypto Council for Innovation (CCI) also voiced its support for Bowman’s nomination earlier this year. CCI President and Acting CEO Ji Hun Kim praised Bowman’s willingness to explore and discuss the potential benefits and challenges of emerging technologies, including digital assets. Kim stated, “Her experience, coupled with her strong support for responsible innovation, makes her an exceptional choice for Vice Chair.”
Bowman is set to serve a four-year term in her new role, where she will play a key role in shaping regulatory policies that impact the crypto market.
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Image Credit: Midjourney
