The US Senator Cynthia Lummis (R-WY) is optimistic that the confirmation of Michelle “Miki” Bowman as vice-chairman for the supervision of the Federal Reserve Board will transform the crypto market.
The Senate voted on Wednesday 48 to 46 for Bowman who took on the new role after Michael Barr resigned from the position on 28 February.
In a message on the social media platform X, Lummis says that the development indicates a better future for crypto.
“I am very happy that the Senate Miki Bowman has confirmed as vice-chairman of the Federal Reserve. Her confirmation is a turning point for digital assets and brings much needed balance and accountability for banking.
During the nomination hearing in April, Bowman said that supervisors should promote innovation in the banking system.
“In order to remain viable and competitive, banks must be able to consider new technologies that can improve products and services, and reduce costs. Regulators must use an approach that encourages and promotes sensible innovation.”
The advocacy group Crypto Council for Innovation (CCI) supported the nomination of Bowman in March.
Said CCI president and acting chief executive officer ji their kim,
“Her willingness to explore and discuss the potential benefits and challenges of emerging technologies, including digital assets, reflects a dedication to informed policy -making. We believe that the experience of the Governor Bowman, in combination with her strong support for responsible innovation, makes her an exceptional choice for vice -chairman.”
Bowman will serve a period of four years.
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