Nikolas Sargeant
The US Senate Banking Committee has advanced Stephen Miran's nomination to serve on the Federal Reserve Board of Governors, voting 13-11 along party lines during a Wednesday session. All Republican committee members supported Trump's nominee, while Democrats unanimously opposed the appointment. Miran would fill a temporary position vacated by former Fed member Adriana Kugler, with the term set to expire on January 31.
Miran, who currently serves as chair of Trump's Council of Economic Advisors, indicated during last week's hearing that he would retain his White House advisory role even if his Fed appointment extends beyond January. The economist has previously expressed support for cryptocurrency innovation, stating that "crypto has a big role potentially to play in innovation," though he has made limited public comments on digital assets since joining the Trump administration.
The nomination advancement occurs amid ongoing legal battles over Fed governance, as another Fed governor, Lisa Cook, successfully challenged Trump's attempt to remove her from office. A federal judge blocked Trump's dismissal order on Tuesday, ruling the president failed to establish cause for her removal, prompting the administration to file an appeal on Wednesday.
The full Senate will now consider Miran's nomination, though the timing of that vote remains uncertain. If confirmed, Miran would join the Fed during a period of increased focus on digital finance, with the Federal Reserve scheduled to hold a conference in October discussing payments innovation, including stablecoins and tokenization.
Miran's potential confirmation would complement other crypto-friendly regulatory appointments by the Trump administration. The Senate recently confirmed Jonathan Gould, former Bitfury chief legal officer, as head of the Office of the Comptroller of the Currency in a narrow 50-45 vote, marking another significant placement of cryptocurrency industry veterans in key regulatory positions. These appointments, alongside confirmed SEC Chair Paul Atkins and pending CFTC nominee Brian Quintenz, signal a coordinated effort to install digital asset advocates across major financial regulatory agencies as Congress prepares comprehensive cryptocurrency legislation with a September 30 deadline.
