U.S. Senator Cynthia Lummis (R-WY) is optimistic that the affirmation of Michelle “Miki” Bowman as Vice Chairman for Supervision of the Federal Reserve Board will remodel the crypto market.
The Senate on Wednesday voted 48 to 46 in favor of Bowman assuming the brand new position after Michael Barr stepped down from the place on February twenty eighth.
In a submit on the social media platform X, Lummis says the event alerts a brighter future for crypto.
“I’m thrilled that the Senate has confirmed Miki Bowman as Vice Chair of Supervision on the Federal Reserve. Her affirmation represents a turning level for digital belongings and brings much-needed steadiness and accountability to Fed banking supervision. Miki’s dedication to evidence-based regulation over political concerns will strengthen America’s monetary system.”
Through the nomination listening to in April, Bowman said that regulators should promote innovation within the banking system.
“To stay viable and aggressive, banks should be capable of contemplate new applied sciences that may enhance services, and decrease prices. Regulators ought to undertake an method that encourages and promotes smart innovation.”
The advocacy group Crypto Council for Innovation (CCI) supported the nomination of Bowman in March.
Said CCI President and Performing Chief Government Officer Ji Hun Kim,
“Her willingness to discover and focus on the potential advantages and challenges of rising applied sciences, together with digital belongings, displays a dedication to knowledgeable policymaking. We consider that Governor Bowman’s expertise, coupled together with her robust assist for accountable innovation, makes her an distinctive selection for Vice Chair.”
Bowman will serve a time period of 4 years.
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