On Monday, the U.S. Senate voted to confirm crypto-friendly Stephen Miran as a member of the Federal Reserve Board of Governors.

The vote was extremely close: 48 senators voted in favor, while 47 voted against.

Miran previously served as a senior strategist at investment firm Hudson Bay, which has been trading claims in the FTX bankruptcy case (FTX filed for bankruptcy in late 2022). He has previously proposed simplifying cryptocurrency-related regulatory rules.

According to reports, the Senate Banking Committee voted along party lines last week to advance Miran's nomination to the full Senate for consideration. Multiple reports indicated that Miran's confirmation process moved swiftly to ensure he could take office before the Fed's next interest rate-setting meeting, which is scheduled for Tuesday.

Miran will fill the Federal Reserve Board seat previously held by Adriana Kugler, serving until January 31, 2026 (the position had been vacant recently). Kugler announced her resignation in August, stating she would return to Georgetown University as a professor in the fall.