Republican Senator Cynthia Lummis van Wyoming says that the Federal Reserve that withdraws its crypto guidelines for banking institutions is simply ‘lip service’.
In a new thread on the social media platform X, the pro-Crypto legislator says that the recent promotions of the FED are largely only for show because of various factors.
Earlier this week, the FED – in addition to the Federal Deposit Insurance Corporation (FDIC) and the office of the Comptroller of the Currency (OCC) – moved many guidelines and statements in the direction of how banks can perform crypto activities.
As the Fed mentioned at the time,
“The Federal Reserve Board announced on Thursday the withdrawal of guidance for banks with regard to their crypto-asset and dollar token activities and related changes in its expectations for these activities.
These actions ensure that the expectations of the board are tailored to the evolving risks and further support the innovation in the banking system. “
According to Lummis, however, the actions of the Fed are superficial because they still use a reputation risk in supervising banks. Lummis also says that the FED has not withdrawn the policy that Bitcoin (BTC) and Crypto consider as unsafe and inadequate. She also says that the FED openly ignores the law when it comes to crypto banks that request master’s accounts, what the registration of the financial rights and obligations of the account holder with regard to the management of reserve bench.
Finally, Lummis points out that the FED still employs the same staff who tried to suppress the digital assets industry with the help of regulations under the BIDEN administration.
Last month, in addition to the Republican representative Nick Begich, Lummis introduced a milestone bill to use the TopCrypto activa per market capitalization as a strategic reserve. The bill was introduced after President Donald Trump had signed an executive order to establish BTC as a reserveom.
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