Senator Lummis: The Fed's Move to Withdraw Cryptocurrency Regulatory Guidance Is Just Empty Talk

Cynthia Lummis, a U.S. crypto-friendly senator and chair of the U.S. Senate Banking Digital Assets Subcommittee, stated on platform X that the Federal Reserve's move to withdraw cryptocurrency regulatory guidance yesterday is just empty talk. This is because the Fed continues to illegally defy the law of master accounts. Unlike the OCC and FDIC, the Fed still faces reputational risk in bank regulation, especially since policy statement Section 9 (13) of the master account law, which claims Bitcoin and digital assets are unsafe and unsound, has not been withdrawn. More importantly, the Federal Reserve staff behind Operation Chokepoint 2.0's crypto crackdown are the same people currently handling crypto issues.