Quick overview

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Stephen Miran, a crypto-friendly, has been appointed by President Donald Trump to the Federal Reserve Board of Governors.

Trump expressed his approval in a post on Truth Social on Thursday, stating, “He has been with me since the start of my second term, and his knowledge of economics is unmatched — he will do an excellent job.”

Miran is set to fill a recently vacated position on the central bank, which was previously held by Adriana Kugler, through January 2026. Kugler announced her resignation last week and indicated that she will be returning to Georgetown University as a professor in the fall.

Currently, Miran serves as the chair of the Council of Economic Advisers and has advocated for simplifying crypto regulations.

He commented in November 2023 on the impact of innovation on regulation, stating, “The percentage of ‘innovation’ in recent decades that can be attributed to merely evading regulations never ceases to amaze me. Uber, cryptocurrency, Airbnb…”

His remarks came in response to the announcement that Changpeng Zhao, the CEO of Binance, was stepping down after pleading guilty and agreeing to pay $4 billion to settle charges related to violations, including sanctions and anti-money laundering laws.

The Department of Justice claimed that Binance willfully ignored U.S. regulations. Miran noted, “Maybe we should streamline a lot of regulations, even though Binance did some evil stuff (helping finance Iran and Hamas).” 

Miran has experience as 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. In November 2023, Sam Bankman-Fried, the CEO of FTX, was convicted on seven criminal counts, including two counts of wire fraud and conspiracy to commit wire fraud, and he was sentenced to nearly 25 years in prison. Miran’s LinkedIn profile also lists previous roles at Fidelity Investments and the U.S. Department of the Treasury.