The U.S. Senate confirms encryption-friendly Stephen Miran as a member of the Federal Reserve Board of Governors, is the industry gaining an ally?

The U.S. Senate confirmed President Donald Trump's ally Stephen Miran to the Federal Reserve Board of Governors by a narrow vote of 48 to 47. His appointment has sparked controversy over the independence of the Fed, as he will also serve as the Chairman of the White House Council of Economic Advisers, breaking with precedent. Miran is considered a crypto-friendly individual, and his assuming office could influence future crypto regulation and monetary policy, especially since he will immediately participate in this week's Fed policy meeting.

Congress Approves: Controversial Appointment

The U.S. Senate confirmed Stephen Miran's appointment to the The Federal Reserve Board of Governors with a nearly party-line vote. Only Alaska Republican Senator Lisa Murkowski voted against it, breaking party unity. The most controversial aspect of this appointment is that Miran will continue to hold the position of Chairman of the White House Council of Economic Advisers while serving on the The Federal Reserve Board of Governors, stating that he will take an unpaid leave for this.

Democratic lawmakers believe that this move is a blatant disregard for the political independence of the Fed. Although Miran himself publicly stated in last year's report that Fed officials should be prohibited from serving in the executive branch for four years after leaving office, his actual actions contradict this. Senator Jack Reed sharply pointed out that Miran "will be serving as a vacationing employee of the U.S. president... this is absolutely ridiculous."

Miran's Policy Position and Attitude Towards Crypto Assets

On monetary policy, Miran committed to act based on individual independent analyses of economic data, but he also added that he would "be happy to hear opinions from all possible sources," including suggestions from Trump. This raised questions from lawmakers. In terms of bank regulation, he did not make a similar independent commitment and criticized some of the Fed's past regulatory actions (such as "Operation Choke Point").

It is worth noting that Miran has been labeled as "Crypto Assets friendly." He previously served as a senior strategist at the investment firm Hudson Bay, which traded claims in the FTX bankruptcy case. Additionally, he has previously advised that cryptocurrency regulation should be simplified. His appointment may bring new voices and perspectives to the future regulatory direction of the Fed in the crypto assets field.

FOMC Meeting and Subsequent Impact

Miran's nomination was rapidly advanced to ensure that he can participate in the Federal Open Market Committee (FOMC) meeting starting this Tuesday. FOMC members have hinted at a possible interest rate cut at the September meeting in response to the worsening signs in the labor market. Miran's addition will undoubtedly bring new variables to this crucial interest rate decision meeting.

Conclusion

Stephen Miran's confirmation is a unique intersection of politics, economics, and finance. His appointment not only brings the independence of the Fed back into the spotlight but also signals that a voice contrary to traditional views will enter this most influential global institution. The market will closely monitor his actions and votes on interest rate policy and Crypto Assets regulation to assess his true influence.