PANews reported on June 5 that according to CoinDesk, Federal Reserve Board member Michelle Bowman was approved by the Senate with a narrow margin of 48-46 and will be promoted to the position of Vice Chairman of the Federal Reserve for Supervision. This key position will lead the direction of regulatory policy for the banking system and potential stablecoin issuers. As a member of the Republican Party, Bowman took office at a time when the regulation of the crypto industry is shifting. In April 2025, the Federal Reserve, together with the Office of the Comptroller of the Currency (OCC) and other institutions, lifted restrictions on business dealings between banks and crypto companies. Although the stablecoin bill currently under consideration by the Senate tends to have the OCC regulate non-bank issuers, it still retains the Federal Reserve's jurisdiction over bank-based stablecoin issuers and gives it the responsibility to assess foreign regulatory capabilities.

Analysts pointed out that after Bowman succeeds Democrat Michael Barr, his policy orientation will affect key issues such as the access of crypto companies to banking services. Federal Reserve Chairman Powell previously stated that he would authorize the vice chairman to lead the regulatory agenda, and Bowman rarely made public statements on crypto regulation during his tenure as a director.