U.S. Senator Cynthia Lummis (R-WY) openly criticized the Federal Reserve’s recent actions concerning cryptocurrency regulations in a series of posts on social media platform X on April 25. Lummis dismissed the Fed’s withdrawal of previous crypto guidance as merely superficial, asserting:

The Federal Reserve’s actions yesterday withdrawing crypto guidance are just lip service.

“The Fed continues to illegally flout the law on master accounts,” she stressed, referencing the prolonged delays experienced by Custodia Bank, a Wyoming-based digital asset bank. Custodia Bank sued the Federal Reserve Board and Kansas City Reserve Bank, citing a 19-month master account delay as a violation of due process and the Administrative Procedure Act. The lawsuit argues that non-Senate-confirmed officials making final decisions breaches the Constitution, warning that the delay harms innovative banks’ access to Federal Reserve services. “This unaccountable structure and indefinite delay deny critical rights,” Custodia stated, raising broader concerns for fintech and crypto sectors.

Contrasting the Federal Reserve’s cryptocurrency action with that of the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), Lummis further emphasized:

Unlike the OCC and FDIC, the Fed STILL uses reputation risk in bank supervision.

The senator warned that anti-crypto bias remains entrenched: “The Policy Statement on Section 9(13) hasn’t been withdrawn, which says bitcoin and digital assets are unsafe and unsound.” That policy, issued Jan. 27, 2023, discourages crypto-related activities at state member banks unless certain strict conditions are met.

Echoing Lummis’ concerns, Custodia Bank CEO Caitlin Long added her voice through social media platform X, stating: “The Fed didn’t rescind its Jan 27, 2023 anti-crypto guidance, which the Board voted 7-0 to approve at the time, but it appears to have rescinded all other guidance it issued without a Board vote.” Long questioned: “I think this means the Fed didn’t (yet) comply with Trump’s EO?” She opined:

Fed anti-crypto guidance is still in place, which means Fed-regulated banks are disadvantaged vs OCC or FDIC-regulated banks.

“The stablecoin bill, when it becomes law, would overturn this—but it ain’t over yet,” she said. Senator Lummis also pointed out: “Last but certainly not least, the Fed staff behind Operation Chokepoint 2.0 are the same people still working on crypto issues today.”

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