Senator Lummis criticizes Fed’s crypto guidance withdrawal as ‘noise, not real progress’

Senator Cynthia Lummis criticized the Federal Reserve’s recent decision to withdraw crypto-related supervisory directives as superficial and insufficient. She accused the Fed of harming the industry and American competitiveness. Lummis highlighted the Fed’s reliance on reputation risk assessments and called for fair access for crypto firms. She commended the OCC and the FDIC for moving away from reputation-based evaluations. Lummis emphasized the need for legislative oversight to ensure fair opportunities for crypto firms within the US financial system.