Senator Cynthia Lummis says "The Federal Reserve’s actions yesterday withdrawing crypto guidance are just lip service."

From our Bitcoin ambassador's X account.

"The Federal Reserve’s actions yesterday withdrawing crypto guidance are just lip service. Here’s why:

The Fed continues to illegally flout the law on master accounts.

https://www.davispolk.com/insights/client-update/crypto-bank-sues-federal-reserve-over-delay-master-account-application

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

The Policy Statement on Section 9(13) hasn’t been withdrawn, which says bitcoin and digital assets are unsafe and unsound.

https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20230127a2.pdf

Last but certainly not least, the Fed staff behind Operation Chokepoint 2.0 are the same people still working on crypto issues today."

Source:

https://x.com/SenLummis/status/1915778226875453744?t=scaCjG53Op3zm1fX9dOFkQ&s=19