BlockBeats News, June 5th, according to CoinDesk's report, earlier today the U.S. Senate confirmed that Michelle Bowman, a member of the Federal Reserve Board of Governors, has been promoted to Vice Chair for Supervision. Whether it's bank access for cryptocurrencies or the issuance of stablecoins, the new Vice Chair will have a say. The role of Vice Chair for Supervision was established after the 2008 global financial crisis to help the Federal Reserve focus on its regulatory responsibilities, separate from its better-known U.S. monetary policy management responsibilities.

The banking sector has always been a pain point for the cryptocurrency industry. Previously, the Federal Reserve and the other two major banking regulators took a highly cautious approach to the crypto sector, but in April of this year, they lifted the restrictions that banks previously had on serving the crypto industry. The Federal Reserve's potential regulatory role regarding stablecoin issuers is still unclear, and related regulatory legislation is still under discussion. Republican lawmakers have sought to exclude the Federal Reserve from stablecoin regulation, but the latest legislation under consideration still stipulates that the Federal Reserve will oversee stablecoins issued by banks and assess whether foreign regulators are adequate to oversee issuers outside the United States.