According to Bloomberg, Michelle Bowman, a member of the Federal Reserve Board, stated at a blockchain seminar in Wyoming that banks and regulators could face the risk of losing their status in the financial system if they do not actively adopt emerging technologies such as artificial intelligence and cryptocurrency. She urged the industry to assist regulators in gaining a more comprehensive understanding of blockchain and digital assets, and to explore their potential applications in combating issues such as fraud. Bowman also expressed her commitment to reducing regulatory scrutiny related to 'reputational risk' and to changing the culture and attitude of regulatory agencies towards technology adoption and product integration.