Senate Confirms Jonathan McKernan; Could Influence Banking, US Digital Dollar and Bitcoin Policy Amid Government Shutdown

Jonathan McKernan was confirmed 51–47 as Under Secretary for Domestic Finance on Oct. 8, 2025, giving the Treasury a key role in shaping banking policy and discussions around a US central bank digital currency (CBDC). This position links Treasury policy to the Federal Reserve and FDIC on digital asset and banking ￰0￱ confirmation : McKernan confirmed 51–47 as Under Secretary for Domestic ￰1￱ on crypto policy: Treasury influence on a US digital dollar and coordination with the Fed and ￰2￱ shutdown: regulatory actions like SEC ETF approvals likely delayed; bipartisan bills ￰3￱ McKernan confirmation strengthens Treasury influence on banking and a US digital dollar; read implications for crypto policy and regulatory ￰4￱ ￰5￱ does Jonathan McKernan’s confirmation mean for Treasury policy and crypto?

Jonathan McKernan’s confirmation as Under Secretary for Domestic Finance gives the Treasury greater influence on banking policy and federal coordination on a potential US central bank digital currency (CBDC). He will advise Secretary Scott Bessent and coordinate with the Federal Reserve and FDIC on regulatory approaches that could affect digital asset markets. McKernan, nominated by President Donald Trump in June, has prior experience at the FDIC and was once nominated to lead the Consumer Financial Protection ￰6￱ has publicly discussed banking integration with crypto, referencing commentary from economist Tyler Cowen.) approvals for exchange-traded funds, effectively ￰7￱ while confirmations continue, resource-limited agencies postpone complex rulemakings and approvals.

Market-structure legislation and bipartisan bills that require cross-party support are likely delayed until funding is ￰8￱ will delayed crypto approvals and bills likely resume? Regulatory and legislative actions typically resume once appropriations or a continuing resolution restores full funding. Short-term confirmations can proceed, but substantive rulemaking, SEC approvals, and bipartisan market-structure negotiations generally wait for restored staffing and stakeholder engagement. , "description": "Jonathan McKernan was confirmed as Under Secretary for Domestic Finance, a role that will shape Treasury coordination with the Fed and FDIC on banking policy and discussions about a US digital dollar." , Frequently Asked Questions How did the Senate vote on McKernan’s confirmation?

The Senate confirmed Jonathan McKernan by a 51–47 ￰9￱ result allows him to begin duties supporting Treasury leadership on domestic finance ￰10￱ McKernan’s confirmation speed up CBDC work? McKernan’s role strengthens Treasury involvement but a CBDC requires coordinated Fed action and likely legislation; the confirmation clarifies Treasury leadership but does not by itself create a ￰11￱ Takeaways Confirmation outcome : Jonathan McKernan confirmed 51–47 as Under Secretary for Domestic ￰12￱ influence : The position enhances Treasury coordination with the Federal Reserve and FDIC on CBDC and banking ￰13￱ impacts : The government shutdown has delayed SEC approvals and bipartisan market-structure legislation, slowing crypto-related regulatory ￰14￱ Jonathan McKernan’s confirmation consolidates Treasury influence over domestic finance and the interagency conversation on a potential US digital ￰15￱ the government shutdown limiting agency activity, substantive regulatory actions are likely ￰16￱ Treasury statements and interagency coordination for the next signals on CBDC and banking policy.