U.S. Senator Slams Federal Reserve for Failing to Deliver True Crypto Reform

Last week, the Fed reversed several Biden-era policies that had discouraged banks from servicing crypto clients — a shift some saw as a positive sign under the Trump administration.

However, Lummis dismissed the move as “lip service,” arguing that the Fed continues to choke innovation and block businesses from accessing crucial financial services. “This fight is far from over,” she wrote in a statement posted to X.

Despite scrapping older guidance, the central bank left a key 2023 policy in place that forces state-linked banks to seek approval before offering crypto products.

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Lummis and other critics say this half-measure only deepens the confusion around digital asset regulation.

Adding to her concerns, Lummis accused the Fed of continuing to weaponize “reputational risk” claims — an approach that allows the agency to quietly deny banking services to legally operating industries like crypto without offering solid financial reasons.

She vowed to keep pressing the Fed for real reform that moves beyond symbolic gestures.

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