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The Federal Reserve (FED) has been accused of only making superficial efforts in regulating encryption, and Cynthia Lummis criticizes several unchanged policies.
Wu learned that U.S. Senator Cynthia Lummis stated that the Federal Reserve’s recent withdrawal of some Crypto Assets-related guidelines is just superficial. She pointed out that the Federal Reserve is still illegally obstructing the main account application process for crypto banks, continuing to use reputation risk standards in regulation. In addition, she criticized the Federal Reserve for not withdrawing the policy statement regarding Article 9(13), which still views Bitcoin and digital assets as “unsafe and unsound” assets.