Golden Finance reports that Federal Reserve Governor Bowman stated that banks and regulators must embrace the benefits of new technologies such as artificial intelligence and cryptocurrency, or their role in the economy may be undermined. She said in her speech, 'Change is coming.' She indicated that ideally, regulators would allow new uses to 'surge in a way that benefits the banking system.' 'If this is not our approach, then we may face the risk of a decline in the relevance of the banking system to consumers, businesses, and the overall economy.' Bowman called on the industry to help regulators better understand blockchain and digital assets, as well as the potential of new technologies to address issues such as fraud. She also stated that she would seek to reduce regulatory scrutiny related to reputational risk, implying that new rules might be developed.