Senator Lummis Criticizes Fed’s Crypto Guidance Withdrawal as Superficial
Senator Cynthia Lummis has dismissed the Federal Reserve’s recent withdrawal of crypto-related supervisory directives as "just noise, not real progress." The move, announced on April 24, was criticized for its lack of substantive change in the regulatory landscape.
Lummis accused the Fed of undermining American competitiveness by restricting banking access for crypto firms, a strategy she likened to "Operation Chokepoint 2.0." The same staff responsible for these policies remain in place, continuing to shape crypto regulation.
The Fed’s decision highlights ongoing tensions between regulators and the digital asset industry. While the withdrawal removes certain directives, it fails to address broader concerns about banking access and regulatory clarity.
