Federal Reserve’s Withdrawal of Crypto Guidance ‘Just Lip Service,’ Says Senator Cynthia Lummis – Here’s Why
Republican Senator Cynthia Lummis of Wyoming said the removal of the federal reserve of crypto guidelines for banking institutions was “lip service.”
In a new thread on the social media platform X, the pro-crypto legislature Says Fed's recent actions are mainly for the show only for many reasons.
Earlier this week, the Fed – next to the Federal Deposit Insurance Corporation (FDIC) and the Currency (OCC) Comptroller's office – has restored many rules and statements made to how banks can conduct crypto activities.
As the Fed said in time,
“The Federal Reserve Board on Thursday announced the removal of guides for banks in connection with their asset activities and dollar activities and related changes in expectations for these activities.
These actions ensure the expectations of the board remain aligned with the changes and additional support of the banking system change. “
However, according to Lummis, Fed actions are shallow because they still use a reputation risk when supervising banks. Lummis also said the Fed did not remove the policy considered Bitcoin (BTC) and the crypto as unsafe and unfounded. He also said that the Fed openly ignores the law when it comes to crypto banks applying for master accounts, which is the record of the rights and obligations of the account -related account -related reserve bank administration.
Finally, Lummis points out that the Fed is still using the same staff who tried to prevent the digital assets industry using regulations under the Biden Administration.
Last month, Lummis, along with Republican representative Nick Begich, was with introduced A Landmark Bill to use the leading crypto asset through the market cap as a strategic reserve asset. The bill was introduced after President Donald Trump signed an executive order to establish the BTC as a reserve.
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