US Senate committee advances Trump’s ‘crypto-friendly’ Fed pick

The US Senate Banking Committee has advanced the nomination of Stephen Miran to a temporary position on the Federal Reserve Board of Governors after another member resigned in August

In a Wednesday meeting, the banking committee voted along party lines, 13 to 11, to advance Miran’s nomination to the full Senate for consideration. All Democrats voted against the potential Fed governor, while Republicans, in the majority, voted in favor.

Miran, whom President Donald Trump picked to chair the Council of Economic Advisors in December, said during a hearing last week that he would not resign from his role advising the White House if his time as a Fed governor were extended past January. If confirmed, he would fill a term vacated by Fed member Adriana Kugler, ending on Jan. 31

The potential Fed governor said in a December interview that “crypto has a big role potentially to play in innovation,” but has not made any significant public statements on digital assets or blockchain since joining the Trump administration. At the time of publication, it was unclear when the Senate could vote on his nomination.

Related: Trump picks top economic adviser to temporarily fill crucial US Fed seat

Another Fed governor wins in court, blocks Trump “firing”

The advancement of Miran’s nomination came as Trump’s attempts to remove another Fed governor went to court for challenges to supposedly independent government agencies. In an Aug. 25 letter, the president demanded Fed governor Lisa Cook’s “immediate removal from office,” citing mortgage fraud claims.

Cook refused to leave her position and challenged the dismissal in court. On Tuesday, a District of Columbia federal judge blocked Trump’s order, saying the president had not identified any reason to dismiss the Fed governor for cause. The administration filed a notice of appeal on Wednesday.

In October, the Federal Reserve is scheduled to hold a conference to discuss topics related to payments, including stablecoins and tokenization.

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