{"id":128011,"date":"2025-04-26T09:16:25","date_gmt":"2025-04-26T09:16:25","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=128011"},"modified":"2025-04-26T09:16:25","modified_gmt":"2025-04-26T09:16:25","slug":"crypto-banking-rule-withdrawal-by-fed-not-real-progress-senator-lummis","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=128011","title":{"rendered":"Crypto banking rule withdrawal by Fed \u2018not real progress\u2019 \u2014 Senator Lummis"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsUnited States Senator Cynthia Lummis suggests the crypto industry may be celebrating too soon over the US Federal Reserve softening its crypto guidance for banks.<br \/>\n\u201cThe Fed withdrawing crypto guidance is just noise, not real progress,\u201d Lummis said in an April 25 X post. Lummis called the Fed\u2019s April 24 announcement \u2014 withdrawing its 2022 supervisory letter that had discouraged banks from engaging with crypto and stablecoin activities \u2014 \u201cjust lip service.\u201d<br \/>\nLummis\u2019 tone was different from the rest of the crypto industry<br \/>\nLummis, a pro-crypto advocate known for introducing the Bitcoin (BTC) Strategic Reserve Bill in July 2024, pointed out several flaws in the Fed\u2019s announcement, even as Strategy founder Michael Saylor and crypto entrepreneur Anthony Pompliano suggested it was a step forward for banks and crypto.<br \/>\nSource: Anthony PomplianoShe argued that the Fed continues to \u201cillegally flout the law on master accounts\u201d and still relies on reputational risk in its bank supervision practices. It comes as the Federal Insurance Deposit Corporation (FDIC) is working on a rule to stop examiners from considering reputational risk when reviewing a bank\u2019s operations, according to a recent Bloomberg report.<br \/>\nLummis also highlighted the Fed\u2019s policy statement in Section 9(13), which hasn\u2019t been withdrawn, stating that Bitcoin and digital assets are considered \u201cunsafe and unsound.\u201d<br \/>\nShe also reiterated many of the same staff behind Operation Chokepoint 2.0 are still involved in crypto policy today.<br \/>\n\u201cWe are NOT fooled. The Fed assassinated companies within the industry and hurt American interests by stifling innovation and shuttering businesses. This fight is far from over.\u201d<br \/>\n\u201cI will continue to hold the Fed accountable until the digital asset industry gets more than a life jacket, Chair Powell \u2014 they need a fair shake,\u201d Lummis said.<br \/>\nRelated: If Trump fired Powell, what would happen to crypto?<br \/>\nCustodia Bank founder and CEO Caitlin Long seemed to share a similar view to Lummis.<br \/>\n\u201cTHANK YOU for seeing this for what it is,\u201d Long said.<br \/>\nSource: David SacksHowever, many crypto executives praised the Fed\u2019s announcement as a positive development for the industry. Saylor said in an April 25 X post that the Fed\u2019s move means that \u201cbanks are now free to begin supporting Bitcoin.\u201d<br \/>\nAnastasija Plotnikova, co-founder and CEO of blockchain regulatory firm Fideum, said the Fed\u2019s decision \u201cis a significant development, as it will simplify the path to institutional adoption.\u201d<br \/>\nMagazine: Ethereum is destroying the competition in the $16.1T TradFi tokenization race<a href=\"https:\/\/cointelegraph.com\/news\/crypto-banking-guidance-united-states-federal-reserve-cynthia-lummis-doubts?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsUnited States Senator Cynthia Lummis suggests the crypto industry may be celebrating too soon over the US Federal Reserve softening its crypto guidance for banks. \u201cThe Fed withdrawing&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128011"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128011"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128011\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128011"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}