Online reports that the U.S. Senate confirmed earlier today that Federal Reserve Governor Michelle Bowman was promoted to Vice Chairman of Supervision. Whether it is banking access for cryptocurrencies or the issuance of stablecoins, the new Vice Chairman will have a say. The position of Vice Chairman of Supervision was established after the global financial crisis in 2008 to help the Fed focus on its regulatory responsibilities, which distinguishes it from its better known responsibility for managing U.S. monetary policy. The banking industry has always been a pain point for the cryptocurrency industry. The Federal Reserve and two other major banking regulators had previously adopted a highly cautious attitude towards the cryptocurrency field, but in April this year lifted previous restrictions on banks providing services to the cryptocurrency industry. The potential regulatory role of the Federal Reserve on stablecoin issuers remains unclear, and relevant regulatory legislation is still under discussion. Republican lawmakers have worked hard to exclude the Federal Reserve from its regulatory responsibilities for stablecoins, but the latest legislation currently under consideration still stipulates that the Federal Reserve will supervise stablecoins issued in banks and assess whether foreign regulators are competent to handle issuers outside the United States.