In a significant development for the cryptocurrency sector, Federal Reserve Vice Chair for Supervision Michelle Bowman has proposed that central bank staff be permitted to hold small amounts of cryptocurrency and digital assets. Speaking at a crypto conference in Wyoming, Bowman emphasized that personal experience with crypto products would enhance staff's ability to effectively oversee these markets. She likened this hands-on approach to learning a skill like skiing, highlighting the importance of practice over theory alone.
While Bowman did not specify limits on holdings, she indicated that "de minimis" investments could improve staff insight, recruitment, and retention of expert examiners. This proposal reflects a more supportive regulatory tone toward cryptocurrency under the current administration, contrasting with earlier skepticism. Bowman criticized bank regulators' historically cautious mindset, warning that resistance to innovation could marginalize traditional banks. She acknowledged potential risks but urged regulators to also consider the substantial benefits of emerging technologies. Bowman advocated for proactive engagement and developing a strong framework to integrate crypto into the financial system safely and efficiently.
In related news, Tether, the world's largest issuer of stablecoins, has appointed Bo Hines, the former head of the Trump administration's crypto advisory council, as a strategic adviser for its U.S. digital assets strategy. This move signals Tether's intent to strengthen its U.S. presence and align with new regulatory frameworks. Hines, a former congressional candidate and American football player, had no prior crypto experience before joining the White House Crypto Council in 2024, where he helped advance stablecoin legislation. His appointment follows the U.S. Congress's passage of the Genius Act in July, mandating that stablecoins be backed one-to-one with assets like U.S. Treasuries and requiring regular reserve disclosures. Tether CEO Paolo Ardoino stated that the company is preparing to introduce a U.S.-specific stablecoin compliant with the new rules and believes Hines' involvement underscores their commitment to the U.S. market.
Additionally, a coalition of finance industry bodies is urging the Basel Committee on Banking Supervision to reconsider its upcoming crypto asset standards for banks, set to take effect in January 2026. The groups argue that the crypto market has evolved since the introduction of these rules in 2022, becoming more integrated with mainstream finance, and label the standards as overly conservative and economically unviable for banks. In an open letter, organizations such as the Global Financial Markets Association, the Institute of International Finance, and the International Swaps and Derivatives Association called for a temporary halt to the implementation process and suggested reevaluating the standards with updated data. This appeal comes amid a more favorable U.S. regulatory stance under President Donald Trump, which has made it easier for banks to engage with crypto assets.
Furthermore, as top central bankers gather in Jackson Hole for the Federal Reserve’s annual meeting, a rival event—the Wyoming Blockchain Symposium—has attracted leading crypto executives and policymakers just an hour away. Held at the Four Seasons in Teton Village, this crypto-driven conference has drawn attendees including SEC Chair Paul Atkins, two potential Fed chair candidates on Donald Trump’s shortlist, and Eric Trump, highlighting the increasing political sway of the crypto industry. The symposium, backed by crypto exchange Kraken and Anthony Scaramucci's Salt, comes during what Goldman Sachs dubs the "stablecoin summer," as a wave of new regulations from the Trump administration has helped push the crypto market to a $4 trillion valuation. The booming popularity of crypto treasury strategies, where companies optimize finances using tokens, dominates discussions.
In market developments, Bitcoin is currently trading at $113,391.00, experiencing a decrease of $3,313.00 from the previous close. The intraday high reached $116,704.00, with a low of $112,762.00. Ethereum is priced at $4,119.22, down $227.98 from the previous close, with an intraday high of $4,347.20 and a low of $4,073.96. BNB is trading at $827.11, a decrease of $22.27 , with an intraday high of $851.44 and a low of $822.97. XRP is at $2.89, down $0.19 , with an intraday high of $3.08 and a low of $2.86. Cardano is priced at $0.851977, a decrease of $0.08403 , with an intraday high of $0.946084 and a low of $0.844827.
