The Federal Reserve will appoint new regulatory director Michelle Bowman, who may be in charge of cryptocurrency regulation

According to Foresight News, CoinDesk reports that the Federal Reserve will welcome a new Vice Chair for Regulation, Michelle Bowman, who will ultimately guide the Fed on how to regulate the financial system, possibly including how to regulate stablecoin issuers. After the Senate confirmed the nomination of Kansas Republican Michelle Bowman with 48 votes in favor and 46 votes against, the person who has already served as a member of the Federal Reserve Board will be promoted to one of the leadership positions at the Fed. This position was established after the 2008 global financial crisis to help the Federal Reserve focus on its regulatory functions, distinguishing it from the more well-known US monetary policy-making work.