The Federal Reserve's withdrawal of crypto guidance was described by Senator Lummis as merely a symbolic move.
U.S. pro-crypto senator Cynthia Lummis made strong statements regarding the Federal Reserve's (Fed) retraction of certain crypto-related guidance yesterday. Lummis emphasized that this move was "merely symbolic," stressing that the Fed's stance towards banks in the crypto ecosystem has not changed.
According to Wu Blockchain, Senator Lummis stated in a tweet that the Fed continues to illegally block crypto banks' access to main accounts and still uses the "reputational risk" factor in bank supervision. She noted that this situation differs from other regulatory bodies such as the OCC (Office of the Comptroller of the Currency) and the FDIC (Federal Deposit Insurance Corporation).
The classification of Bitcoin as "unsafe" continues.
Among Lummis's criticisms is the Fed's failure to retract its 9(13) Section Policy Statement. This statement classifies Bitcoin and digital assets as "unsafe and unhealthy." The senator expressed skepticism about the institution's true intent by stating that the same individuals involved in the operation known as "Operation Chokepoint 2.0" are still working on crypto issues today.
These statements raise doubts about whether the Fed's regulatory approach in the cryptocurrency space has truly changed, while pro-crypto politicians continue to demand a fairer regulatory framework for the sector.
