Michelle Bowman Pushes Clearer Crypto Rules During House Banking Oversight Hearing
Federal Reserve Vice Chair for Supervision Michelle Bowman used testimony before the House Financial Services Committee to signal what may be the clearest indication yet that federal banking regulators are moving toward a more crypto-friendly framework. Bowman said the Federal Reserve is working with other regulators to implement the GENIUS Act, the 2025 law that established a federal framework for payment stablecoins. She also called for greater regulatory clarity around digital-asset activities and pointed to limited Federal Reserve payment-system access granted to Kraken as an example of regulators exploring new approaches.
Subscribe free for daily political analysis they won’t broadcast. Join 110K+ readers →
The testimony comes after years of conflict between crypto companies and banking regulators over access to financial infrastructure. Under the GENIUS Act, stablecoin issuers face federal standards covering reserves, liquidity, and oversight. Supporters argue the framework gives banks and fintech firms the certainty needed to innovate. Critics warn regulators must avoid weakening safeguards created after the 2008 financial crisis.
The larger development is not simply one hearing. It is the continued integration of digital assets into mainstream U.S. financial regulation.
Subscribe free for daily political analysis they won’t broadcast. Join 110K+ readers →