TLDR
- Trump nominates Stephen Miran, chair of the Council of Economic Advisers, to the Federal Reserve.
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Miran has advocated for streamlined crypto regulations to encourage innovation.
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Miran will fill a vacated Federal Reserve board seat until January 31, 2026.
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The appointment follows a public spat between Trump and Federal Reserve Chair Jerome Powell.
President Donald Trump has selected economist Stephen Miran for a seat on the Federal Reserve Board of Governors. Miran, known for his crypto-friendly stance, is currently the chair of the Council of Economic Advisers. His appointment will fill a recently vacated position on the board, previously held by Adriana Kugler, who resigned to return to Georgetown University.
Trump announced the nomination on Truth Social, praising Miran’s expertise. “He has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled,” Trump said in the post. Miran will serve on the Federal Reserve Board until January 31, 2026.
Stephen Miran Views on Crypto Regulations
Stephen Miran has long expressed the need for streamlined regulations to support the growth of new technologies, including cryptocurrencies. In November 2023, he criticized complex regulatory systems, suggesting that they often drive innovation underground.
“I never cease to marvel at what fraction of ‘innovation’ in recent decades is simply due to circumventing regulations,” Miran said. He also pointed to the crypto industry as an example of this trend.
Miran’s stance on crypto regulations aligns with his broader economic views, which focus on reducing regulatory burdens to foster innovation. He made his comments in response to the resignation of Binance CEO Changpeng Zhao. Zhao had stepped down after Binance reached a settlement with the U.S. government regarding violations of anti-money laundering and sanctions laws.
Background on Miran’s career
Miran has a wealth of experience in both the public and private sectors. Before his role as chair of the Council of Economic Advisers, he served as a senior strategist at Hudson Bay, an investment firm. There, he worked on trading claims related to the FTX bankruptcy, which occurred in late 2022.
In addition to his work at Hudson Bay, Miran has held positions at the U.S. Department of the Treasury and Fidelity Investments. His career reflects his deep expertise in economics and finance, which he is expected to bring to the Federal Reserve.
Miran’s Appointment Amid Tensions with Jerome Powell
Miran’s appointment comes during a time of public disagreement between President Trump and Federal Reserve Chair Jerome Powell.
Trump has frequently criticized Powell over the central bank’s interest rate policies, which he believes hinder economic growth. Miran’s views may align more closely with Trump’s economic priorities, potentially influencing the future direction of the Federal Reserve.
While Miran has expressed criticism of some aspects of the Federal Reserve’s policies, it remains to be seen how his appointment will affect the central bank’s operations. His crypto-friendly views may also shape future discussions on how to regulate digital assets in the U.S.
