The most recent vice president of the United States Federal Reserve that supervises the Wall Street bank, Michelle Bowman, delivered a cryptographic discourse on Tuesday that it could have been pronounced by one of the industry’s own policy care, advocating that the banks stop in the increase in digital assets and that the Fed grants the rules of the sector that do not interpose Crypto
In Wyoming’s blockchain symposium, Bowman warned banks that they do not adopt the change towards cryptography “will play a diminished role in the financial system more widely,” and she further stressed what has already been an obvious change in the cryptographic feeling of US banking regulators.
“Its industry has already experienced significant frictions with bank regulators that apply unclear standards, conflicting orientation and inconsistent regulatory interpretations,” he said. “We need a clear and strategic regulatory framework that facilitates the adoption of new technologies, recognizing that in some cases, it can be inappropriate and inappropriate to apply the existing regulatory orientation to address emerging technology.”
In March, President Donald Trump nominated Bowman to be elevated from a board of the Board to the role of supervision vice president, and swore about two months ago. She will occupy a main role in the writing and adoption of Fed rules for Stablcoins, such as Outlined by the guide and establishment of national innovation for the US stable. UU. (GENIUS) ActAnd his latest comments show how much he is aligned with the president to foster technology.
“Regulators must recognize the unique characteristics of these new assets and distinguish them from traditional financial instruments or banking products,” Bowman said, advocating that the pending rules are closely adapted to what the industry is doing and is not a “worst case.”
Bowman went to asset token, saying that he can make transfers of faster property, mitigate the “well -known risks” and make the process cheaper, and said that Stablecoins is “positioned to become a fixed element in the financial system.”
“It is essential that banks and regulators are open to participate in new technologies and get away from a too cautious mentality,” he said.
The vice president also said that the agency “should consider allowing the Federal Reserve personnel to maintain amounts of cryptography of or other types of digital assets so that they can achieve a work understanding of the underlying functionality.”
“I would certainly not trust someone to show me skiing if skis never put on, regardless of how many books and articles they have read, or even wrote, about it,” Bowman said.
Read more: the new Supervision Chief of the United States Federal Reserve will exercise cryptographic authority
