Trump's Fed Takeover: Three Crypto-Friendly Governors Now in Place

The Senate's confirmation of Stephen Miran to the Federal Reserve Board on Monday completes a strategic reshaping of the central bank, giving U.S. President Donald Trump three governors viewed as favorable to cryptocurrency and financial innovation.

Miran joins Michelle Bowman and Christopher Waller as Trump appointees on the seven-member Fed board, creating a potential bloc that could influence both monetary policy and digital asset regulation. While their specific crypto positions vary, all three have shown greater openness to financial innovation than traditional Fed leadership.

The 48-47 Senate vote positions Miran, Trump's chief economic adviser, to participate in this week's rate-setting meeting just hours after his confirmation. Reuters reported the swift six-week confirmation process, compared to typical months-long timelines, reflects the strategic importance of expanding Trump's Fed influence.

Bowman and Waller both dissented at July's Fed meeting in favor of more aggressive rate cuts, aligning with Trump's calls for easier monetary policy. Analysts expect Miran may join them in dissenting for larger reductions, potentially creating the first triple dissent by Fed governors since 1988, Reuters said.

Beyond monetary policy, the three governors bring combined influence over financial regulation that could reshape how the Fed approaches cryptocurrency oversight. Fed governors sit on committees governing banking supervision, financial stability, and regulatory framework development - all areas directly impacting digital asset companies. For cryptocurrency markets, the trio's presence could accelerate policy shifts around banking partnerships, stablecoin regulation, and central bank digital currency development.

Waller recently said crypto is "nothing to be afraid of," and Bowman has said that regulators should abandon overly cautious approaches to digital assets. Miran's pro-innovation economic philosophy aligns with their more open approach to digital assets, and he has previously said that "crypto has a big role potentially to play in innovation and ushering in another Trump administration economic boom."

The crypto industry has responded positively to the latest confirmation. While none has made explicit pro-crypto statements, their alignment with pro-innovation economic policies has generated optimism about potential regulatory relief for digital asset firms and improved banking relationships.

Bowman, nominated in 2018, has emphasized the importance of financial innovation and technology adoption in banking. Waller, confirmed in 2020, has shown interest in central bank digital currencies and blockchain applications. Miran's background as an economic adviser suggests similar openness to emerging financial technologies.

The concentration of Trump appointees raises questions about Fed independence, particularly given Miran's dual role as White House economic adviser. Democrats have criticized the arrangement, though Miran denies being a "puppet" of the administration.

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