Republican Senator Cynthia Lummis of Wyoming says that the Federal Reserve withdrawing its crypto guidelines for banking institutions is just “lip service.”
In a new thread on the social media platform X, the pro-crypto legislator says the Fed’s recent actions are largely just for show due to several factors.
Earlier this week, the Fed – alongside the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) – rescinded many guidelines and statements made toward how banks can conduct crypto activities.
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As stated by the Fed at the time,
“The Federal Reserve Board on Thursday announced the withdrawal of guidance for banks related to their crypto-asset and dollar token activities and related changes to its expectations for these activities.
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