New Federal Reserve Vice Chair Confirmation Represents a ‘Turning Point’ for Crypto, Says Senator Lummis

U.S. Senator Cynthia Lummis (R-WY) is optimistic that the confirmation of Michelle “Miki” Bowman as Vice Chairman for Supervision of the Federal Reserve Board will transform the crypto market.

The Senate on Wednesday voted 48 to 46 in favor of Bowman assuming the new role after Michael Barr stepped down from the position on February 28th.

In a post on the social media platform X, Lummis says the development signals a brighter future for crypto.

“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 the nomination hearing in April, Bowman said that regulators must promote innovation in the banking system.

“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 advocacy group Crypto Council for Innovation (CCI) supported the nomination of Bowman in March.

Said CCI President and Acting Chief Executive Officer Ji Hun Kim,

“Her willingness to explore and discuss the potential benefits and challenges of emerging technologies, including digital assets, reflects a commitment to informed policymaking. We believe that Governor Bowman’s experience, coupled with her strong support for responsible innovation, makes her an exceptional choice for Vice Chair.”

Bowman will serve a term of four years.

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