Fed Vice Chair Michele Bowman recently delivered a notable speech at a Blockchain event in Wyoming. She urged regulators to actively embrace emerging technologies like Blockchain and put forth a bold suggestion: to allow Fed staff to hold a small amount of Crypto Assets.

Bowman believes that direct exposure to Crypto Assets will help regulators gain a deeper understanding of the nature of this technology. She emphasized: "Our policy should consider allowing Fed employees to hold a minimum amount of Crypto Assets or other types of digital assets." This proposal has drawn widespread attention, as the Fed currently prohibits its officials from holding or trading Crypto Assets.

The senior official further explained that while there are abundant resources available for learning about these assets, actual experience and understanding of ownership and transfer processes are irreplaceable. She vividly likened it to: "If someone has never worn skis, I would never believe they could teach me how to ski, no matter how many articles and books they have read or written about skiing."

Baumann also pointed out that allowing a minimum holding of crypto assets may help the Fed attract and retain talent. This view reflects her concern about keeping regulatory agencies competitive.

Moreover, Bowman emphasized the importance of regulators actively embracing emerging technologies such as Blockchain. She warned that if regulators do not proactively accept these technologies, it could lead to them completely circumventing the traditional banking system, resulting in a potential regulatory vacuum.

This position indicates that senior officials at the Fed are seriously considering how to strike a balance between protecting financial stability and promoting innovation. Bowman’s speech may herald a potential shift in the Fed's attitude toward Crypto Assets and Blockchain technology, which could have profound implications for the entire fintech sector.