In a move that could only be described as a cosmic alignment for the crypto world, U.S. Senator Cynthia Lummis (R-WY) is positively glowing over the confirmation of Michelle “Miki” Bowman as the Vice Chairman for Supervision of the Federal Reserve Board. The world of digital assets, which often feels like a rollercoaster ride, is hoping this new leader is the one to finally turn things around.
After a Senate vote that can only be described as closer than a game of Monopoly with your family (48-46), Bowman officially steps into her new role, filling the boots of Michael Barr, who, let’s be honest, was probably relieved to get out after stepping down in late February. The Senate was clearly ready for change, as Lummis declared the vote a victory for all things crypto. “Goodbye chaos, hello future!” she likely whispered to herself before tweeting this:
“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.”
Now, you might think Bowman’s speech during the nomination hearing in April was full of the usual political fluff. But no, folks, she went straight for the jugular. She stated that regulators must foster innovation. Oh yes, those words, like a breath of fresh air in the stuffy room of bureaucratic nonsense:
“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.”
It seems Bowman is ready to actually *do something* for the banks. Not just another talking head! And it’s no surprise that the Crypto Council for Innovation (CCI) stood behind her in March. They weren’t just sending a polite “thank you” card. No, they were all-in, applauding her forward-thinking approach to, you guessed it, *digital assets*. Ji Hun Kim, President and Acting CEO of CCI, had this to say:
“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.”
So what now? Well, Bowman is in for the long haul—serving a term of four years, which, in the world of Washington, means she’ll probably have more than enough time to either save the crypto world or get caught up in endless political debates. Place your bets, folks!
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2025-06-06 20:03