Stephen Miran, President Trump’s pick for the Federal Reserve Board, faces a full Senate vote after a narrow committee approval.
Committee approval along party lines
The US Senate Banking Committee has advanced the nomination of Stephen Miran to the Federal Reserve Board of Governors, setting the stage for a full Senate confirmation vote. In a 13-11 decision split along party lines, Republicans backed the nomination while Democrats opposed it.
Miran, currently a White House economic adviser, was tapped by President Donald Trump to temporarily fill the seat left vacant by Adriana Kugler, whose term ended in August. If confirmed, his appointment would last until January 31, 2026.
Miran’s stance on crypto and innovation
Although Miran has made few public remarks on digital assets, he previously signaled openness toward blockchain and crypto innovation. In a 2023 interview, he said “crypto has a big role potentially to play in innovation,” hinting at a policy approach that could align with the administration’s broader crypto-friendly stance.
During his Senate hearing, Miran stressed his commitment to balancing innovation with financial stability. “The Federal Reserve must remain vigilant, but we cannot ignore technologies that could reshape how payments and markets operate,” he said.
Political tension over Trump’s Fed moves
The nomination comes amid heightened political tension between the White House and the central bank. Just last month, Trump attempted to remove Fed governor Lisa Cook, citing mortgage fraud claims. Cook challenged the dismissal in court, and a federal judge ruled in her favor, blocking the president’s order. The administration has since filed an appeal.
What’s next for the Fed and crypto policy
If confirmed, Miran would join the Fed at a pivotal moment. The central bank is set to hold a conference in October addressing payments innovation, stablecoins, and tokenization. Analysts say Miran’s confirmation could add momentum to policy discussions around integrating digital assets into the US financial system.
With the Senate vote still pending, his nomination underscores the Trump administration’s push to align monetary policy with emerging crypto and fintech priorities.
Disclaimer
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