Fed Governor Urges Impartial Review of Bank Failures and Emphasizes Importance of Bank Supervision.

Fed Governor Michelle Bowman has criticized the lack of a clear regulatory framework for digital assets in the US, warning that financial institutions have been left in a "supervisory void" in terms of emerging technologies. Bowman called for attention from global regulators to the current supervision of novel banking activities, in particular banking as a service and digital assets. Without a clear regulatory framework, regulators may impose new requirements on businesses after significant investments have been made, she added.