Lummis: Fed personnel appointments indicate "a brighter future for digital assets"

Wyoming Senator Cynthia Lummis is one of the few voices in Congress viewing Michelle Bowman's appointment as a victory for cryptocurrency policy.  

The U.S. Senate has confirmed Michelle "Miki" Bowman as President Trump's nominee for Vice Chair for Supervision of the Federal Reserve, marking a potential major shift in the central bank's regulatory approach following Michael Barr's departure.  

In a 48-46 vote on June 4, the Senate confirmed Bowman to the Vice Chair for Supervision role, which will allow her to propose policy recommendations and oversee the regulation of firms under the Fed's jurisdiction. Cynthia Lummis, a Wyoming Senator and staunch cryptocurrency supporter in Congress, praised the appointment as a "turning point for digital asset development."  

"Miki's commitment to evidence-based rather than politically driven regulatory philosophy will further strengthen America's financial system," Lummis said.  

Bowman has served as a Federal Reserve Board member since 2018, during which she has publicly warned of potential risks from central bank digital currencies (CBDCs) and stablecoins in the absence of a regulatory framework. However, she did not clarify her specific policy stance on digital assets during her nomination hearing in April this year.  

"Director Bowman's past speeches and professional engagements fully demonstrate her deep understanding of the evolving blockchain and digital asset landscape," Ji Hun Kim, President and Acting CEO of the Cryptocurrency Innovation Council, said in a statement after Bowman's nomination in March. "Her willingness to explore the potential advantages and challenges of emerging technologies, including digital assets, reflects her firm commitment to formulating informed policies."  

**Fed Policy on Cryptocurrency and Other Areas**  

The Fed's Vice Chair for Supervision is Trump's latest Senate-confirmed nominee, as multiple members of Congress are calling for an investigation into the President's potential conflicts of interest with the cryptocurrency industry. The Senate Agriculture Committee also plans to consider Trump's nomination of Brian Quintenz as Chair of the Commodity Futures Trading Commission on June 10.  

Jerome Powell, who has served as Fed Chair since 2018, has frequently been the target of criticism from Trump and Republicans for not cutting U.S. interest rates. In January this year, Chair Powell urged Congress to advance "a more robust regulatory framework around cryptocurrency" in response to risks posed by stablecoins.  

While central banks typically operate independently when formulating national monetary policies, they may still face political pressure from the White House, legislators, and the public.  

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