Is the wind about to change? Federal Reserve Governor speaks out: Attitude towards AI and cryptocurrencies is about to undergo a major adjustment

The Federal Reserve's attitude towards new technologies may be approaching a critical turning point.

Federal Reserve Governor Bowman recently made it clear that banks and regulatory agencies must embrace the value of new technologies such as artificial intelligence and cryptocurrencies, or they may weaken their role in the economy. Her assertion that 'change is coming' instantly ignited market speculation about a shift in regulation.

Bowman believes that ideally, regulatory agencies should allow the application of these new technologies to 'surge in a way that benefits the banking system.' Conversely, if they cling to old ideas, the banking system may face the risk of 'decreased relevance' to consumers, businesses, and the overall economy.

What is more noteworthy is that she actively called for industry participation to help regulatory agencies deepen their understanding of blockchain and digital assets, exploring the potential of new technologies to address issues such as fraud. At the same time, Bowman hinted at a possible reduction in regulatory scrutiny related to reputational risks, with the formulation of new rules already in the works. This shift in regulatory attitude may pave the way for the integration of AI and cryptocurrencies into the mainstream financial system.