Fed Pushes for Cryptocurrency Ownership by Staff: Bowman Advocates for New Policies

Michelle Bowman, Vice Chair of the Federal Reserve for Supervision, has proposed allowing central bank staff to hold small amounts of cryptocurrency. Bowman argues that direct exposure would enhance oversight and attract talented examiners. Currently, Fed regulations prohibit crypto holdings for staff. This proposal aims to bridge the gap between regulators and market expertise in crypto technology. Bowman emphasizes the necessity for firsthand experience before entrusting others with navigating complex markets like cryptocurrency. She also highlights the potential benefits of this policy in attracting skilled professionals within the financial sector.