Senator Cynthia Lummis swears to hold the Fed accountable until crypto gets more than a ‘life jacket’

Senator Cynthia Lummis has vowed to hold the Federal Reserve accountable until the digital asset industry receives support beyond mere survival. In recent moves, the Fed rescinded a prior stance that warned banks about crypto fraud, signaling a shift in regulatory strategy.

Despite the positive changes, the Federal Reserve continues to deny access to master accounts for crypto banks like Kraken and Custodia, which is crucial for them to operate effectively in the financial system. The removal of restrictive practices is an important step, yet challenges remain.