The new head of US Federal Reserve administration for sale in carrying the financial crypto
The latest Vice Chair of the US Federal Reserve that oversees Wall Street Banking, Michelle Bowman, made A Crypto Speech on Tuesday That can be pronounced by one of the industry’s own policies, which promotes that banks are behind the digital assets surge and that the Fed provides sector policies that are not available in the crypto way.
In the Wyoming Blockchain SymposiumBowman warned banks not to embrace the move toward the crypto “will play a decreased role in the financial system wider,” and he further underlined what became a clear change in crypto sentiment from US banking regulators.
“Your industry has experienced significant frictions with bank regulators applying vague standards, conflicting guides, and uneven regulation interpretations,” he said. “We need a clear, strategic regulatory framework that will facilitate the adoption of new technology, recognized that in some cases, it may not be enough and inappropriate to apply existing regulatory guidance to address the emerging tech.”
In March, President Donald Trump appointed Bowman to be raised from a board seat in the role of the Vice Chair for administration, and he was sworn in About two months ago. He seizes a leading role in writing and adopting policies for stablecoins, as Released by the guide and establishment of national innovation for US Stablecoins (Genius) ActAnd his latest comments show how much he has with the President in strengthening technology.
“Regulators should recognize the unique features of new properties and distinguish them from traditional financial instruments or banking products,” said Bowman, who promotes that pending policies are closely consistent with the industry and not a “worst case.”
Bowman discussed the asset tokenization, saying it could make the ownership move faster, mitigate “known risks” and make the process cheaper, and he said the stablecoins are “positioned to become a fixture in the financial system.”
“It is important that banks and regulators are open to engage in new technologies and depart from an extremely careful thinking,” he said.
The vice chair also said the agency should “consider allowing Federal Reserve staff to handle the de minimus amount of crypto or other types of digital ownership so that they can achieve a working understanding of the underlying operation.”
“I definitely won’t trust someone to teach me to be on if they never wear the skis, no matter how many books and articles they read, or write, about it,” Bowman said.
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