Bowman Says ‘Change Is Coming’ to How Fed Views AI and Crypto

Banks and regulators must embrace the benefits of new technologies such as artificial intelligence and crypto or risk diminishing their role in the economy, said US Federal Reserve Governor Michelle Bowman.

“Change is coming,” said Bowman, the central bank’s top bank watchdog, in prepared remarks for the Wyoming Blockchain Symposium. Ideally, regulators will allow new uses to “proliferate in a way that benefits the banking system,” she said. “If this is not our approach, then we risk the banking system becoming less relevant to consumers, businesses and the overall economy.”

Bowman called on the industry ...