Jonathan McKernan has been confirmed by the Senate, potentially impacting government policies related to banking, a potential US digital currency, and Bitcoin. His confirmation comes during a government shutdown.
Jonathan McKernan was confirmed by the Senate with a 51–47 vote to serve as Under Secretary for Domestic Finance. This position significantly increases the Treasury’s influence on banking policy and coordination regarding a potential US central bank digital currency (CBDC). His role involves advising the Treasury Secretary and interacting with the Federal Reserve and FDIC. McKernan’s confirmation strengthens Treasury's role in shaping US digital dollar initiatives and banking regulations. He will coordinate with key financial regulators and contribute to the policy positions of the Treasury. This includes involvement in interagency working groups and public statements that frame regulatory priorities. The ongoing government shutdown is currently hindering progress on regulatory approvals and legislative actions. Specifically, the Securities and Exchange Commission (SEC) approvals for exchange-traded funds (ETFs) and bipartisan bills are facing delays due to limited staffing and funding. Confirmations can proceed, but substantive rulemaking and approvals are likely postponed. While McKernan's confirmation clarifies Treasury leadership, a CBDC requires broader actions. Resumption of regulatory progress will likely occur once full funding is restored. Stakeholders should monitor Treasury statements and interagency coordination for insights into future policy direction.
