Who is Bowman, vice chairman of the Federal Reserve Board of Regulation? What crypto comments have been

Deng Tong, Golden Finance

On June 4, 2025, the senators confirmed Bowman as vice chairman of regulation with 48 votes in favor and 46 votes against, which would allow her to make policy recommendations and oversee the supervision of companies within the Fed's jurisdiction.

According to an official Fed announcement, Michelle Bowman was sworn in as vice chairman of the Fed 's board of regulation on Monday. The oath ceremony was chaired by Federal Reserve Chairman Powell in the press room of the Council. Trump nominated Bowman on March 24, 2025 and was confirmed by the U.S. Senate on June 4. Her term as Vice-Chairman of Supervision will end on June 9, 2029 and her term as a member of the Board will end on January 31, 2034.

Who is Bowman? What remarks have you made related to the crypto industry? How do industry insiders evaluate her as vice chairman of the Federal Reserve Board of Regulatory?

1. Michelle Bowman

Bowman has served as a member of the Federal Reserve Board of Directors since taking office on November 26, 2018, during which she publicly opposed the potential risks of central bank digital currencies (CBDCs) and stablecoins that lack a regulatory framework.

She was re-appointed as a member of the Council on January 23, 2020 and was sworn in on January 30, 2020 for a term of office until January 31, 2034.

Prior to being appointed to the Board of Directors, Bowman served as the Kansas Bank Commissioner from January 2017 to November 2018. She also served as Vice President of Bank of Farmers & Drovers, Kansas from 2010 to 2017.

In addition to his experience in banking, Bowman worked for Kansas Senator Bob Doer in Washington, D.C. from 1995 to 1996, and served as legal counsel to the U.S. House Transportation and Infrastructure Committee and the Government Reform and Oversight Committee from 1997 to 2002. In 2002, Bowman was appointed director of Congress and intergovernmental affairs at the Federal Emergency Administration. From 2003 to 2004, she served as Deputy Assistant Secretary and Policy Advisor to Secretary of Homeland Security Tom Ritchie.

After working in Washington, D.C. for some time, Bowman led a London-based government and public affairs consulting firm before returning to Kansas in 2010.

2. What crypto-related comments have Bauman made

Bowman told members of Congress in April that the current regulation is too complicated and repetitive. She said that if confirmed as the Fed’s vice chairman of regulation, she would “prioritize regulatory reform and focus on regulatory priorities, restore regulatory differentiation mechanisms, ensure viable paths for innovation in the banking system, and promote regulatory transparency and accountability.” Overall, Bowman's policy tendency is more relaxed. The following will review what discussions Bauman has previously discussed on issues such as CBDC, stablecoins, and crypto regulations.

CBDC enhances U.S. financial inclusion capabilities doubt

Bowman expressed doubts about the need for CBDC to improve the payment system and its ability to enhance financial inclusion in the United States. CBDC must surpass the new FedNow system to gain a foothold in the market, and 4.5% of Americans without bank accounts are unlikely to be willing to use CBDC. “Families without bank accounts are unlikely to have a cell phone or access the internet, which will create a barrier to CBDC adoption.”

Bowman also pessimistic about the CBDC as a policy tool. She believes that the programmability of CBDCs is “in sharp contrast to the flexibility and freedom implied by physical currencies or bank deposits” that may be abused. In addition, this control method may also lead to the politicization of the payment system and ultimately affect the way currency is used. CBDCs that allow such control may also threaten the Fed 's independence.

Bowman believes that cross-border payments require a regulatory framework, and stablecoins may provide an alternative depending on future legislation, while central bank digital currencies (CBDCs) may threaten user privacy , but none of these need to be considered further.

Private Stable Coin Risk

Bowman also pointed out the risks of private stablecoins she sees, which are tokens pegged to stable assets such as the US dollar and are an integral part of the cryptocurrency market. "Stablecoins claim to be exchanged one by one with the dollar, but in fact, it is less secure, more unstable and less regulated than traditional forms of currency," she said. She suggested that the Fed should look at how to impose bank-like regulation on issuers of these tokens.

The United States lacks a clear regulatory framework for digital assets

Bowman has also criticized the United States for its lack of a clear regulatory framework for new technologies.

Bowman has called on global regulators to pay attention to the current regulation of new banking operations, especially bank-as-a-service and digital assets. Bowman believes that financial institutions have always been in a "regulatory vacuum" state in terms of emerging technologies.

“Although some efforts have been made to provide guidance, there is still a lot of uncertainty about the permissibility and regulatory expectations of these activities […]. This puts banks in a dangerous situation to rely on policymakers’ general but non-binding statements that will ultimately only be criticized at some point in the future,” he said.

Without a clear regulatory framework, regulators may impose new requirements on companies after they make major investments, Bowman believes. “If our role is to conduct effective supervision and regulation, we must be willing to participate in both innovative and traditional activities. “If we fail to provide financial institutions with clear methods on new technologies “it may have a significant impact on banks’ response to higher interest rates.”

While cryptocurrency activity can pose significant risks, the Fed does not want to hinder innovation. "By curbing innovation, we may push growth in this sector to the non-bank sector, resulting in a significant reduction in transparency and potential financial stability risks. Hopefully some banks continue to explore how to engage in crypto-related activities. "

3. How industry insiders view Bowman as Vice Chairman of the Federal

Reserve Board of Regulatory

Wyoming Senator Cynthia Lummis praised it as a "turning point in digital assets." "She is committed to evidence-based regulation, not political considerations, which will strengthen the U.S. financial system, " Loomis said.

" Bowman's past speeches and engagement demonstrates her keen understanding of the evolving blockchain and digital asset landscape. Her willingness to explore and discuss the potential advantages and challenges of emerging technologies, including digital assets, reflects her commitment to developing smart policies," said Ji Hun Kim, chairman and acting CEO of the Crypto Innovation Committee, in a statement after the nomination of Bowman in March.