Senate confirms crypto-friendly Stephen Miran to Federal Reserve Board ahead of interest rate meeting

The U.S. Senate voted on Monday to confirm cryptocurrency-friendly Stephen Miran to serve on the Federal Reserve Board of Governors.

In a close vote, 48 senators voted in favor of Miran, with 47 opposed on Monday night. 

Miran was previously a senior strategist at  Hudson Bay, an investment firm that has been trading claims in the FTX bankruptcy, which filed for bankruptcy in late 2022. He has also suggested in the past that crypto regulations should be streamlined.

The Senate Banking Committee voted last week along party lines to advance Miran to the full Senate, according to reporting from Politico. Multiple news reports say Miran's confirmation is moving quickly to get him in before the central bank's next rate-setting meeting on Tuesday.

President Donald Trump has gotten into several public spats with the Federal Reserve over its interest rates, which then escalated to attempts to fire Federal Reserve Board Governor Lisa Cook. Later, a judge reportedly temporarily blocked Trump's firing of Cook, but the Trump administration has since pushed back.

Miran will serve a recently vacated seat until Jan. 31, 2026, on the central bank, which was previously held by Adriana Kugler. Kugler announced her resignation in August and said she would be returning to Georgetown University as a professor in the fall.