US Senator Cynthia Lummis has praised the recent confirmation of Michelle “Miki” Bowman as Vice Chair for Supervision at the Federal Reserve, calling it a significant shift in regulatory approach towards digital assets. Lummis believes that Bowman’s appointment is a “turning point” for crypto policy and anticipates a brighter future for the industry.
The Senate confirmed Bowman on June 5 with a narrow 48-46 vote, filling the vacancy left by Michael Barr’s departure in February. Bowman, who has been a Fed Governor since 2018, will now be responsible for overseeing the central bank’s supervisory framework for major financial institutions and emerging technologies.
Lummis expressed her support for Bowman in a social media post, stating that “Miki’s commitment to evidence-based regulation over political considerations will strengthen America’s financial system.” Lummis, a vocal advocate for digital assets, is the main sponsor behind the strategic Bitcoin (BTC) reserve bill.
Bowman’s confirmation is seen as a crucial development for the crypto industry, which has been grappling with regulatory challenges in recent years. During her nomination hearing before the Senate Banking Committee in April, Bowman emphasized the importance of allowing US banks to adopt new technologies to remain competitive. She stressed the need for regulators to promote sensible innovation in the financial sector.
While the Federal Reserve does not directly regulate cryptocurrencies, it plays a key role in shaping how the banking sector engages with digital asset firms, stablecoin issuers, and blockchain payment technologies. Bowman is expected to influence decisions related to bank participation in crypto-related services such as custody and settlement.
Industry stakeholders have welcomed Bowman’s appointment, citing her experience with community banking and openness to emerging technologies as positive attributes. Trade organizations like the Crypto Council for Innovation have supported her nomination, highlighting her potential to bring clarity and consistency to crypto regulation.
As Vice Chair for Supervision, Bowman will serve a four-year term, coinciding with ongoing legislative efforts to address regulatory gaps in the crypto sector. The Fed’s evolving stance on fintech and crypto aligns with broader discussions in Washington concerning stablecoin regulation and crypto oversight. With Bowman at the helm, crypto advocates are hopeful that the central bank will adopt a more inclusive and structured approach to integrating digital assets into the financial mainstream.