Michelle Bowman, who was recently appointed US Federal Reserve vice chair, used a speech at the Wyoming Blockchain Symposium to highlight the “crossroads” the Fed faces regarding crypto.
Fed Vice Chair Bowman: Crypto Brings a “Seismic Shift” to Financial System
21 August 2025 - 10:44 CEST
By Sandmark staff
In an unsurprisingly pro-crypto speech, Trump-appointed Bowman stated, "we can either seize the opportunity to shape the future or risk being left behind."
She has served on the Fed’s Board of Governors since 2018, when she was appointed during Trump’s first term, and was promoted to Vice Chair for Supervision, effective in June.
Crypto is the future
In her first public speech after her confirmation, Bowman mentioned the importance of “clarity in supervisory expectations” for digital assets. Since her confirmation, the Fed has removed “reputational risk” as part of its supervisory process for banks, as well as eliminating an oversight program for banks involved in the crypto industry.
Her pro-crypto stance seems to have strengthened since then.
In her speech this week, Bowman said: “we are at the beginning of what appears to be a seismic shift in the way we think about money, value, and the fabric of our financial system… What we are witnessing has the potential to fundamentally transform the way we live, work, and interact in society.”
She added, “it is essential that banks and regulators are open to engaging in new technologies and departing from an overly cautious mindset.”
Staff should hold crypto
She also noted the importance of regulatory staff understanding the industry. She believes the agency “should consider allowing Federal Reserve staff to hold de minimus amounts of crypto or other types of digital assets so they can achieve a working understanding of the underlying functionality."
"I certainly wouldn't trust someone to teach me to ski if they'd never put on skis, regardless of how many books and articles they have read, or even wrote, about it," Bowman added.
Federal Reserve staff currently are required to follow strict investment restrictions, which “may be a barrier to recruiting and retaining examiners.”
