Senator Lummis says new Fed vice chair appointment signals ‘brighter future’ for crypto

US Senator Cynthia Lummis said the confirmation of Michelle “Miki” Bowman arsenic Vice Chair for Supervision astatine the Federal Reserve marks a captious displacement successful the regulatory attack toward integer assets.

According to Lummis, the assignment is simply a “turning point” for crypto policy, and she expects a “brighter future” for the manufacture ahead.

The Senate confirmed Bowman connected June 5 successful a constrictive 48-46 vote, filling the vacancy near by Michael Barr’s departure successful February.

Bowman, who has served arsenic a Fed Governor since 2018, volition present oversee the cardinal bank’s supervisory model for large fiscal institutions and emerging technologies.

Lummis said successful a societal media post:

“Miki’s committedness to evidence-based regularisation implicit governmental considerations volition fortify America’s fiscal system.”

The Wyoming Senator has been a long-time advocate of integer assets and is the main sponsor down the strategical Bitcoin (BTC) reserve bill.

Support for innovation

Bowman’s confirmation is being intimately watched by the crypto industry, which has faced regulatory headwinds successful caller years.

During her April information proceeding earlier the Senate Banking Committee, Bowman emphasized that US banks indispensable beryllium allowed to follow caller technologies to stay competitive.

At the time, Bowman said that banks indispensable beryllium allowed to see caller technologies that tin amended their operations and services. She further stressed that regulators should absorption connected promoting “sensible innovation.”

While the Federal Reserve does not straight modulate cryptocurrencies, it plays a captious relation successful determining however the banking assemblage engages with integer plus firms, stablecoin issuers, and blockchain outgo technologies.

Bowman is expected to power decisions astir slope information successful crypto-related services, including custody and settlement.

Industry backing

Bowman’s assignment has been welcomed by manufacture stakeholders who person agelong called for regulatory clarity and consistency.

Trade organizations similar the Crypto Council for Innovation, which represents large firms including Coinbase and Fidelity, antecedently supported her information based connected her acquisition with assemblage banking and her openness to emerging technologies.

As Vice Chair for Supervision, Bowman volition service a four-year term. Her enactment arrives astatine a clip erstwhile Congress is weighing aggregate bills to code regulatory gaps successful the crypto sector, including proposals focused connected stablecoins, custodial services, and integer plus marketplace structure.

The Fed’s evolving posture connected fintech and crypto comes amid broader debates successful Washington implicit stablecoin regularisation and crypto regulation. With Bowman’s confirmation, crypto advocates anticipation the cardinal slope volition instrumentality a much unfastened and structured attack to integrating integer assets into the fiscal mainstream.

The station Senator Lummis says caller Fed vice seat assignment signals ‘brighter future’ for crypto appeared archetypal connected CryptoSlate.