The Fed’s Half-Hearted Crypto Reform: Is This Really Progress?

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So, here we are again, folks. The Federal Reserve, in all its bureaucratic glory, decided to make a “bold” move last week, reversing several Biden-era policies that had discouraged banks from dealing with crypto clients. Well, some people thought this was a nice step forward, especially under the watchful eye of the Trump administration. Because, of course, the world is just waiting for the Fed to decide whether or not crypto can get a seat at the table. 😒

Enter Senator Lummis, who took one look at this and immediately called it “lip service.” Apparently, the good senator is not impressed. She’s convinced the Fed is still doing its best to stifle innovation and keep businesses from accessing the financial services they need. “This fight is far from over,” she posted on X, as though the world needs more of these endless Twitter rants. 💥

Despite getting rid of some old rules, the Fed didn’t go all in. Oh no, they left one particularly charming 2023 policy intact that forces state-linked banks to ask for permission before they can offer crypto products. Because, clearly, innovation thrives under the loving embrace of red tape. 🤦‍♂️

Lummis, along with her fellow crypto crusaders, sees this half-measure as nothing more than a confusing mess. She’s not wrong – when the goal is clarity and progress, the Fed’s approach looks more like an office coffee break than a serious policy shift. ☕️

But wait, there’s more! Lummis didn’t stop there. She accused the Fed of playing the “reputational risk” card, which basically means they can refuse banking services to crypto companies without actually offering a reasonable explanation. Because nothing says “trustworthy financial institution” like playing hide-and-seek with your reasons. 🎭

In typical Lummis fashion, she’s vowed to keep up the pressure on the Fed for real reform. You know, the kind that doesn’t look like a toddler’s first attempt at drawing a financial policy. Good luck, senator – it sounds like you’re going to need it! 🚀

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2025-04-27 11:04