Fed Vice Chairman for Financial Supervision Supports Fed Staff Holding Small Amounts of Cryptocurrency

PANews reported on August 20 that Bowman, Vice Chairman of Financial Supervision of the Federal Reserve, suggested on Tuesday that Fed staff should be allowed to hold small amounts of crypto products, believing that experience will help them better carry out regulatory work in these financial markets. Bowman said that relaxing restrictions on employee investments may also help recruit and retain professional bank examiners, and "minimum" holdings of cryptocurrencies and other digital assets will help employees have a practical understanding of these products. "Nothing can replace hands-on practice and understanding the process of holding and transferring crypto assets," she said in a prepared speech at a cryptocurrency conference in Wyoming. Bowman did not disclose specific information such as the specific amount or type of holdings she was considering, but her remarks once again showed that the Trump administration's regulators are becoming more friendly to the cryptocurrency field.