Philip Jefferson has been confirmed by the US Senate as the next vice chair of the Federal Reserve, taking on the No. 2 role at the central bank under Chair Jerome Powell.
Philip Jefferson, who has been serving as a Federal Reserve Governor since 2022, has been confirmed by the United States Senate as the next Vice Chair of the Federal Reserve. The confirmation vote, which took place on September 6, resulted in an 88-10 majority in support of Jefferson's appointment.
President Joe Biden announced Jefferson as his pick for the role of Vice Chair in May. Jefferson will replace Fed Governor Lael Brainard, who resigned from the position in February.
Philip Jefferson's confirmation is significant, as he will now take on the No. 2 role at the Federal Reserve under Chair Jerome Powell. Jefferson will serve as Vice Chair as part of his existing term as a Federal Reserve Governor, which extends until 2036.
This confirmation comes at a time when the leadership of federal institutions like the Federal Reserve, Securities and Exchange Commission (SEC), and Commodity Futures Trading Commission (CFTC) is expected to impact the regulatory landscape for cryptocurrencies and blockchain technology. While the Federal Reserve has no immediate plans to issue a central bank digital currency (CBDC), debates surrounding the role of the central bank in digital currency and stablecoin regulation continue.
Fed Chair Jerome Powell has expressed the need for a "robust federal role" in regulating stablecoins, indicating the central bank's interest in this area. Powell's current term as Chair of the Federal Reserve is expected to continue until 2028. The composition of leadership at these federal agencies will play a crucial role in shaping cryptocurrency and blockchain regulation in the coming years.
(TURNER WRIGHT, CoinTelegraph, 2023)
