Crypto banking rule withdrawal by Fed ‘not real progress’ — Senator Lummis

United States Senator Cynthia Lummis says the crypto industry may be celebrating too soon over the US Federal Reserve softening its crypto guidance for banks. “The Fed withdrawing crypto guidance is just noise, not real progress,” Lummis said in an April 25 X post. Lummis called the Fed’s April 24 announcement — withdrawing its 2022 supervisory letter that had discouraged banks from engaging with crypto and stablecoin activities — “just lip service. ”Lummis’ tone was different from the rest of the crypto industryLummis, a pro-crypto advocate known for introducing the Bitcoin (BTC) Strategic Reserve Bill in July 2024, pointed out several flaws in the Fed’s announcement, even as Strategy founder Michael Saylor and crypto entrepreneur Anthony Pompliano suggested it was a step forward for banks and crypto source: https://cointelegraph.com/news/crypto-banking-guidance-united-states-federal-reserve-cynthia-lummis-doubts?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound