Fed Vice Chair Michelle Bowman Advocates For Staff Holding Small Amounts Of Crypto To Inform Guidance: 'There's No Replacement For Experimenting'

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Bowman."There’s no replacement for experimenting and understanding how that ownership and transfer process flows," Bowman said on Aug. 19 at the Wyoming Blockchain Symposium. "I certainly wouldn’t trust someone to teach me to ski if they’d never put on skis, regardless of how many books and articles they have read, or even wrote, about it."She said in addition to improving the understanding of existing staff, the approach could also help the Fed recruit and retain expert examiners.Don't Miss:The same firms that backed Uber, Venmo and eBay are investing in this pre-IPO company disrupting a $1.8T market — and you can too at just $2.90/share.Kevin O'Leary Says Real Estate's Been a Smart Bet for 200 Years — This Platform Lets Anyone Tap Into ItBowman encouraged the banking industry and regulators to embrace artificial intelligence and blockchain technology, suggesting that failure to do so could negatively impact the relevance of the banking system and U.S. competitiveness."We must choose whether to embrace the change and help shape a framework that will be reliable and durable—ensuring safety and soundness and incorporating the benefits of both efficiency and speed—or to stand still and allow new technology to bypass the traditional banking system altogether," she said. "From a regulator’s perspective, the choice is clear."Bowman said the Fed was aware of the risks associated with rapid transformations and cautious about unintended consequences. But she said attention must also be paid to the potential benefits.Trending: An EA Co-Founder Shapes This VC Backed Marketplace—Now You Can Invest in Gaming's Next Big Platform"Innovation and regulation don’t need to be on opposite ends of the spectrum. In fact, they complement each other," she said. "A more modern, efficient, and effective financial system furthers key regulatory objectives—promoting safe and sound banking operation, financial stability, and economic growth."She suggested that institutions have been "overly conscious" in the past, but added, "change is coming.""Those who follow developments in bank regulation have hopefully recognized some positive steps that demonstrate our commitment to embrace change," she said. "I am committed to changing our culture and attitude toward the adoption and integration of technology and new products and services."Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,481.40 +15.46 (+0.24%)Dow 3045,565.23 +147.16 (+0.32%)Nasdaq21,590.14 +45.87 (+0.21%)Russell 20002,373.80 +15.20 (+0.64%)VIX14.85 +0.23 (+1.57%)Gold3,451.80 +18.80 (+0.55%)PortfolioSign in to access your portfolioSign inTop gainersMDB MongoDB, Inc. 295.70 +81.36 (+37.96%)SATS EchoStar Corporation 58.76 +7.89 (+15.51%)NCNO nCino, Inc. 32.69 +4.00 (+13.94%)LUMN Lumen Technologies, Inc. 5.27 +0.58 (+12.37%)PCT PureCycle Technologies, Inc. 14.86 +1.26 (+9.26%)Top losersTIGR UP Fintech Holding Limited 11.57 -1.25 (-9.75%)NEGG Newegg Commerce, Inc. 60.89 -6.14 (-9.16%)LI Li Auto Inc. 22.60 -2.05 (-8.32%)KNF Knife River Corporation 82.76 -7.39 (-8.20%)SMMT Summit Therapeutics Inc. 24.81 -2.17 (-8.06%)Most activeWBA Walgreens Boots Alliance, Inc. 11.98 +0.06 (+0.50%)OPEN Opendoor Technologies Inc. 4.0200 -0.6800 (-14.47%)NVDA NVIDIA Corporation 181.60 -0.17 (-0.09%)PSNYW Polestar Automotive Holding UK PLC 0.4700 +0.3100 (+193.75%)NIO NIO Inc. 6.34 -0.36 (-5.37%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersNVDA NVIDIA Corporation 181.60 -0.17 (-0.09%)CRWD CrowdStrike Holdings, Inc. 422.61 +5.01 (+1.20%)SNOW Snowflake Inc. 200.39 +6.04 (+3.11%)HPQ HP Inc. 27.11 +0.10 (+0.37%)LUMN Lumen Technologies, Inc. 5.27 +0.58 (+12.37%)Top economic events