On June 5, PANews reported, according to CoinDesk, that Federal Reserve Governor Michelle Bowman was approved by the Senate with a narrow margin of 48-46 to become the Vice Chair responsible for regulatory affairs at the Federal Reserve. This key position will lead the regulatory policy direction for the banking system and potential stablecoin issuing institutions. As a Republican member, Bowman takes office at a time when regulation of the crypto industry is shifting. In April 2025, the Federal Reserve, together with the Office of the Comptroller of the Currency (OCC) and other agencies, lifted restrictions on banks' business dealings with crypto companies. Although the stablecoin bill currently under Senate review tends to favor OCC regulation of non-bank issuers, it still retains the Federal Reserve's jurisdiction over bank-affiliated stablecoin issuing institutions and gives it the responsibility to assess foreign regulatory capabilities.
Analysis indicates that after Bowman replaces Democrat Michael Barr, her policy orientation will affect critical issues such as access to banking services for crypto companies. Federal Reserve Chairman Powell previously stated that he would authorize the Vice Chair to lead the regulatory agenda, while Bowman has rarely voiced public opinions on crypto regulation during her tenure as a governor.