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 rework the crypto market.
The Senate on Wednesday voted 48 to 46 in favor of Bowman assuming the brand new function after Michael Barr stepped down from the place on February twenty eighth.
In a publish 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 property and brings much-needed stability and accountability to Fed banking supervision. Miki’s dedication to evidence-based regulation over political issues will strengthen America’s monetary system.”
Throughout 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 strategy that encourages and promotes wise 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 talk about the potential advantages and challenges of rising applied sciences, together with digital property, displays a dedication to knowledgeable policymaking. We imagine that Governor Bowman’s expertise, coupled together with her sturdy 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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