Michelle Bowman officially approved as Fed Vice Chair for Oversight... ”Positive signal for cryptocurrencies”

Michelle Bowman, a member of the Board of Governors of the Federal Reserve System (FRB), was confirmed by the Senate and appointed as Vice Chair for Oversight, the FRB's chief regulatory officer.
According to The Block, on the 5th (local time), Bowman was appointed as the Vice Chair for Supervision by President Donald Trump in March of this year.
He was nominated by President Donald Trump and confirmed by the Senate on the same day by a narrow vote of 48 to 46. He has served on the Federal Reserve Board since 2018.
Sen. Cynthia Lummis said the approval was a teaser for a brighter future for digital assets.
"I am very pleased that Michelle Bowman has been confirmed as Vice Chair of the Fed's Board of Supervisors," Lummis said through X. "This confirmation marks a turning point for digital assets.
"I would add necessary balance and accountability to the Fed's banking oversight," he said. He went on to say that Michelle Bowman is someone who prioritizes evidence-based regulation over political considerations, which he believes will be key to the success of the U.S. financial
"It will help strengthen the system," she added. Michelle Bowman appeared before the Senate Banking Committee in April and said, "The U.S. regulatory system is overly complex, duplicative, and subject to conflicting requirements.
"There are a lot of cases," he said. However, he did not directly mention virtual currencies at the meeting.
"The Fed vice chair position is a vital role in protecting our banking system and ensuring a thriving economy," Sen. Scott said. "No one has held this position in a previous administration.
"We have experienced the side effects of not having proper leadership and have called on the Trump Administration to fill this role swiftly."
The digital asset industry also positively evaluated Michelle Bowman's confirmation.
In a statement released in March, the Commission on Institutional Change (CCI) said, "In her past speeches and engagements, Director Michelle Bowman has demonstrated a deep understanding of the changing blockchain and digital asset sectors."
"His willingness to discuss both the merits and challenges of the policy debate demonstrates his commitment to informed policymaking."