Source: Cointelegraph
Original: “Senator Lummis: The Federal Reserve's Withdrawal of Cryptocurrency Banking Regulations is 'Not Real Progress'”

U.S. Senator Cynthia Lummis warned the cryptocurrency industry against celebrating too soon the Federal Reserve's easing of cryptocurrency regulatory guidance for banks. In a post on the X platform on April 25, Lummis stated, "The Federal Reserve's withdrawal of the crypto guidance is just noise, not real progress." She referred to the Federal Reserve's announcement on April 24 to withdraw the 2022 regulatory letter discouraging banks from engaging in cryptocurrency and stablecoin activities as "just a hollow check."

Lummis, who is known as a supporter of cryptocurrency, pointed out several flaws in the Federal Reserve's statement. While MicroStrategy founder Michael Saylor and cryptocurrency entrepreneur Anthony Pompliano viewed this as a step forward in the relationship between banks and the cryptocurrency industry.

Lummis noted that the Federal Reserve is still "illegally circumventing regulations related to master accounts" and continues to rely on "reputational risk" as a criterion in banking regulatory practices. According to a recent report by Bloomberg, the Federal Deposit Insurance Corporation (FDIC) is drafting new rules that would prohibit examiners from considering reputational risk factors when assessing bank operations.

Lummis specifically emphasized that Section 9(13) of the Federal Reserve's policy statement (which has not been rescinded) still characterizes Bitcoin and digital assets as "unsafe and unsound" investment targets. She also revealed that many officials currently involved in shaping cryptocurrency policy were the same individuals who led "Operation Chokepoint 2.0" back in the day.

"We will not be fooled. The Federal Reserve has harmed the entire industry and damaged U.S. interests by stifling innovation and forcing businesses to close. This fight is far from over," Lummis stated. "Chairman Powell, I will continue to hold the Federal Reserve accountable until there is a fair competitive environment in the digital asset industry—not just a lifeline."

Caitlin Long, founder and CEO of Custodia Bank, expressed strong resonance with this sentiment. She responded on social media, "Thank you for seeing through the essence of the matter!"

However, other executives in the cryptocurrency industry welcomed the Federal Reserve's decision, viewing it as a positive development for the industry. MicroStrategy Executive Chairman Michael Saylor stated in a post on the X platform on April 25 that the Federal Reserve's move means "banks can now freely engage in Bitcoin-related business."

Anastasija Plotnikova, co-founder and CEO of blockchain compliance company Fideum, pointed out that the Federal Reserve's decision "is significant and will clear the way for institutional adoption of cryptocurrency."

Related: Deloitte predicts that the blockchain real estate tokenization market will reach $4 trillion by 2035.

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