The Federal Reserve (FED) Bowman appointed as Vice Chair for Supervision, Senator Lummis says Favourable Information for the encryption industry.

Gate News bot Message: The U.S. Senate has confirmed The Federal Reserve Board of Governors member Michelle Bowman as the Vice Chair for Supervision at the Federal Reserve. Senator Cynthia Lummis stated that this move "signals a bright future for digital assets."

Bowman was nominated by President Trump in March of this year and was confirmed by the Senate with a vote of 48 in favor and 46 against. She has served as a member of the The Federal Reserve Board of Governors since 2018.

Lummis stated in a post on X: "I am pleased that the Senate has confirmed Miki Bowman as the Vice Chair for Supervision of the Federal Reserve. Her confirmation represents a turning point for digital assets and brings much-needed balance and accountability to Federal Reserve bank supervision. Miki is committed to evidence-based regulation rather than political considerations, which will strengthen the U.S. financial system."

In April of this year, Bowman testified before the Senate Banking Committee, stating that the U.S. regulatory framework "has become overextended, overly complex, and redundant," with requirements that are conflicting and overlapping. However, she did not mention cryptocurrency during her nomination hearing.

Source: The Block