U.S. senator Cynthia Lummis suggests that the crypto industry may also celebrate soon in the US Federal Reserve that softens the crypto guide for banks.
“Fed withdrawing crypto guidance is just noise, not real development,” Lummis Says In a post of April 25 x. Lummis called the announcement of April 24 of Fed – removing 2022 administration letter with Banks have been destroyed from contact with crypto and stablecoin activities – “Lucky service only.”
Lummis’s tone is different from the rest of the crypto industry
Lummis, a pro-crypto advocate known for introducing The bitcoin (Btc) Strategic Reserve Bill in July 2024, pointing out some flaws in Fed’s announcement, even the founder of the approach Michael Saylor and Crypto businessman Anthony Pomplano suggested that it was a step forward for banks and crypto.
He argued that Fed continues In “illegal legislation of law in master accounts” and still rely on the risk of reputation in bank administration skills. This comes as the Federal Insurance Deposit Corporation (FDIC) is working on a policy to stop revives from consideration of the reputation risk when examining a bank’s operations, according to a recent Bloomberg Report.
Lummis also emphasizes the Fed policy statement in Section 9 (13), which has not been withdrawn, stating that Bitcoin and digital assets are considered “unsafe and baseless.”
He also reiterated much of the same staff in the rear Operation Chokepoint 2.0 is still involved in Crypto policy today.
“We are not deceived. The killed companies within the industry and hurt American interests by avoiding the change and shutter of businesses. This fight is far away.”
“I will continue to perform the Fed Accountable until the digital asset industry is getting more of a life jacket, Chair Powell – they need a fair shaking,” Lummis said.
Related: If Trump fired Powell, what would happen to Crypto?
Custodia Bank and CEO founder Caitlin Long seems to share a similar view of Lummis.
“Thank you for seeing it for what it is,” long Says.
However, many crypto executives praised Fed’s announcement as a positive development for the industry. Saylor Says In an April 25 X post that the fed transfer means “banks are free to start supporting bitcoin.”
Anastasija Plotnikova, co-founder and CEO of blockchain regulatory firm Fideum, said the Fed’s decision was a significant development, as it simplified the path to institutional adoption. “
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