U.S. Federal Reserve’s New Supervision Chief Sold on Bringing Crypto to Finance

The U.S. Federal Reserve’s newest vice chair who supervises Wall Street banking, Michelle Bowman, made a crypto speech on Tuesday that could have been uttered by one of the industry’s own policy wonks, advocating that banks get behind the digital assets surge and that the Fed give the sector rules that won’t get in crypto’s way.

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At the Wyoming Blockchain Symposium, Bowman warned banks that don’t embrace the shift toward crypto “will play a diminished role in the financial system more broadly,” and she further underlined what’s already been an obvious change in crypto sentiment from U.S. banking regulators.

“Your industry has already experienced significant frictions with bank regulators applying unclear standards, conflicting guidance, and inconsistent regulatory interpretations,” she said.

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