Finance industry bodies call for changes to crypto rules for banks

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Good afternoon and thank you to the organizers of the 2025 Wyoming Blockchain Symposium for inviting me to speak to you today. It is an honor to be included in this year's event, which is being held at a critical moment for American leadership in the digital asset space. We are at the beginning of what appears to be a seismic shift in the way we think about money, value, and the fabric of our financial system. This shift is not just about incremental changes or tweaks to the existing system. What we are witnessing has the potential to fundamentally transform the way we live, work, and interact in society. It is inspiring to be together with all of you, as thought leaders engaged in developing technologies that could help shape the financial system in the future. You don't need a tech background to appreciate the opportunity that blockchain provides to the financial system. Financial services innovation drives faster, safer, cheaper, and more customized products that more efficiently meet the needs of consumers and businesses. Digital processes like wire transfers and ACH disrupted the need to move large amounts of physical currency and other hard assets, making the system more efficient and safer. Through technology, there is opportunity to transform how we think about transferring assets. Throughout recent history, whether previous transformations involved industrialization, communications, or the internet, each of these advances had a profound and lasting impact on our society. While the future is unknown and unknowable, I expect we will look back at some point to consider the impact of blockchain, AI, and quantum computing and marvel at the BOWMAN SAYS 'DE MINIMIS' CRYPTO HOLDINGS WOULD ALLOW FED STAFF TO BETTER UNDERSTAND CRYPTO PRODUCTS FEDERAL RESERVE VICE CHAIR FOR SUPERVISION MICHELLE BOWMAN SAYS FED STAFF SHOULD BE ALLOWED TO OWN SMALL AMOUNTS OF CRYPTO PRODUCTS BOWMAN SAYS LIMITS ON FED STAFF INVESTMENT…