U.S. Senate Confirms Bowman as Vice Chair for Supervision at the Federal Reserve, Crypto Industry Reacts Positively

On the 4th, the U.S. Senate approved the appointment of Federal Reserve Board member Michelle Bowman as Vice Chair for Supervision by a vote of 48 to 46. Appointed by President Trump in March, Bowman has served as a Fed Board member since 2018. Senator Cynthia Lummis, a proponent of cryptocurrencies, welcomed this as a 'signal of a bright future for cryptocurrencies.' In a post on X, Senator Lummis stated, 'Bowman's confirmation marks a turning point for cryptocurrencies, bringing necessary balance and accountability to the Fed's supervision of banks.' She emphasized a commitment to evidence-based regulation over political considerations, which is vital for the U.S. financial system...