Lummis Condemns Fed’s Crypto Guidance Withdrawal as ‘Noise’, Raising Regulatory Uncertainty for U.S. Firms

Senator Cynthia Lummis has criticized the Federal Reserve’s decision to withdraw crypto guidance, calling it a lack of progress and hindering innovation in the United States. Her comments come amidst ongoing concerns about regulatory uncertainty for cryptocurrency firms, with potential chilling effects on banking access. 20th April, saw the Fed rescind previous directives requiring banks to seek supervisory non-objection for engaging with digital assets, drawing immediate backlash from Senator Lummis. The withdrawal, according to Lummis, is a hindrance to innovation and jeopardizes U.S competitiveness in the rapidly growing cryptocurrency landscape.