Fed Signals ’Brighter Future for Digital Assets’: Senator
The US Senate confirmed Michelle “Miki” Bowman as vice chair for supervision of the Federal Reserve with a 48-46 vote. This appointment may alter the Fed's regulatory stance following Michael Barr's departure. Bowman, a Fed Board member since 2018, has expressed concerns about the risks of central bank digital currencies (CBDCs) and stablecoins lacking regulatory frameworks. Senator Cynthia Lummis praised her confirmation as a pivotal moment for digital assets, highlighting Bowman's commitment to evidence-based regulation. The Fed vice chair position is crucial amid ongoing discussions about cryptocurrency regulation. Jerome Powell, the Fed chair, has faced criticism from Trump and Republicans for his interest rate policies and has advocated for enhanced regulation around crypto. The Senate Agriculture Committee will also review Brian Quintenz's nomination for chair of the Commodity Futures Trading Commission.
