Michelle Bowman Confirmed as Fed Vice Chair for Supervision, Signals Crypto Shift

- US Senate confirms Michelle Bowman as Vice Chair for Supervision - Sen. Cynthia Lummis hails move as positive for digital assets On June 5, 2025, the US Senate confirmed Michelle Bowman as vice chair for supervision at the Federal Reserve, a move the digital assets sector views as a critical boost. President Trump nominated Bowman, who has served as a Fed governor since 2018, in March 2025. Senator Cynthia Lummis expressed optimism for a "brighter future" for the industry, calling the confirmation a significant step for the digital asset sector. On June 5, The Block reported that Bowman’s confirmation garnered mixed reactions from various stakeholders. Senator Cynthia Lummis emphasized Bowman's commitment to evidence-based regulation, noting this brings balance and accountability to the Federal Reserve's banking supervision. Also on June 5, Senator Cynthia Lummis stated on X (formerly Twitter), "Her confirmation represents a turning point for digital assets and brings much-needed balance and accountability to Fed banking supervision." In April 2025, during her testimony before the Senate Banking Committee, Michelle Bowman, then a Fed Governor, remarked, "the U.S. regulatory framework has grown expansively to become overly complicated and redundant." Although she did not specifically address cryptocurrency, her statements highlighted the need for a streamlined regulatory approach. Senator Tim Scott, Chair of the Senate Committee on Banking, Housing, and Urban Affairs, underscored the importance of her new role in safeguarding the banking system and ensuring economic prosperity. The Crypto Council for Innovation voiced support for Bowman, acknowledging her understanding of the digital asset landscape and her engagement in discussions about the potential benefits and challenges of emerging technologies, which reflects a commitment to informed policymaking. Similarly, the American Bankers Association congratulated Bowman, with its President and CEO, Rob Nichols, emphasizing her extensive experience as a federal and state regulator and community banker. Meanwhile, Public Citizen offered a critical perspective. On June 4, 2025, the advocacy group Public Citizen argued in a release that Bowman's confirmation is a "Gift to Wall Street, Fossil Fuel Industry." Public Citizen also claimed her track record minimizes climate impacts and criticized her stance on the Fed's role in addressing related financial risks. On June 4 and June 5, other media outlets, including the ABA Banking Journal, Washington Examiner, American Banker, Binance News, and Law360, also reported on Bowman's confirmation, acknowledging the significance of her new role. On June 5, CoinMarketCap reported that as of 12:00 UTC, Ethereum (ETH) was trading at $3,214, and its 24-hour trading volume had increased by 2.3%.