Crypto disclosure from a key figure of the Fed: Bans should be lifted

A Blockchain Symposium is being held in Wyoming, one of the states in the US where positive steps are being taken regarding cryptocurrencies and home to crypto-friendly Senator Cynthia Lummis.

The conference, featuring important speakers including Cynthia Lummis, who has signatures on many crypto-focused laws, another senator known for his contribution to the Genius Act, Tim Scott, SEC chairman Paul Atkins, and several Fed and private sector executives, started yesterday.

Bowman: We are at a turning point

Michelle Bowman, the vice chairman responsible for oversight at the Fed and a board member since 2018, was also among those who spoke yesterday. Highlighting the importance of cryptocurrency and blockchain technology, Bowman stated that the U.S. is currently at a turning point:

"We are at a turning point. We either seize the opportunity to shape the future or fall behind. We can guide history by embracing innovation with a responsible approach. The Fed has ended its crypto oversight program on banks. Many applications aimed at removing crypto activities are also now gone. Banks will no longer be penalized. Additionally, companies have begun to shake off the fear of being unbanked. These are very positive developments..."

"Artificial intelligence and crypto will be beneficial"

Bowman stated that artificial intelligence and cryptocurrency technology would bring many benefits to banks, saying, "Therefore, both banks and regulators must now move away from an overly cautious and prohibitive mentality."

"Fed employees should be able to buy crypto"

Bowman, who stated that it might be beneficial for Fed personnel to hold a small amount of cryptocurrency to better understand technology, said, "I don't want someone who has never worn ski gear to teach me how to ski."

Published: August 20, 2025 10:11 Last Updated: August 20, 2025 10:18