US Senator Warns Fed’s Anti-Bitcoin Agenda Still Alive After Crypto Policy Retreat
U.S. Senator Cynthia Lummis (R-WY) openly criticized the Federal Reserve’s recent actions concerning cryptocurrency regulations in a series of posts on social media platform X on April 25. Lummis dismissed the Fed’s withdrawal of previous crypto guidance as merely superficial, asserting:
“The Fed continues to illegally flout the law on master accounts,” she stressed, referencing the prolonged delays experienced by Custodia Bank, a Wyoming-based digital asset bank. Custodia Bank sued the Federal Reserve Board and Kansas City Reserve Bank, citing a 19-month master account delay as a violation of due process and the Administrative Procedure Act. The lawsuit argues that non-Senate-confirmed officials making final decisions breaches the Constitution, warning that the delay harms innovative banks’ access to Federal Reserve services.