{"id":47202,"date":"2025-02-12T06:25:36","date_gmt":"2025-02-12T06:25:36","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/senator-lummis-challenges-federal-reserves-approach-to-digital-assets\/"},"modified":"2025-02-12T06:25:36","modified_gmt":"2025-02-12T06:25:36","slug":"senator-lummis-challenges-federal-reserves-approach-to-digital-assets","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/senator-lummis-challenges-federal-reserves-approach-to-digital-assets\/","title":{"rendered":"Senator Lummis Challenges Federal Reserve\u2019s Approach to Digital Assets"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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In his hearing before the Senate Banking Committee on February 11, Senator Cynthia Lummis (R-WY) grilled Federal Reserve Chair Jerome Powell. Lummis expressed grave concerns regarding the Fed\u2019s lack of transparency in its approach to digital currencies and how it is regulating digital assets.<\/p>\n

Accusations of Obstruction and Misinformation<\/strong><\/h2>\n

Senator Lummis criticized the Federal Reserve for withholding crucial information related to digital asset policies. She argued that the Fed\u2019s actions had created confusion and regulatory instability within the digital asset sector. Lummis stated, \u201cThe Fed is a black hole. It consumes information, but it never releases it.\u201d She expressed frustration over the Fed\u2019s reluctance to provide clear guidance, particularly regarding Wyoming\u2019s digital asset regulations. Citing former Senator Pat Toomey\u2019s claim that the Fed had \u201clied\u201d to lawmakers about technical aspects of cryptocurrency legislation, Lummis demanded more transparency and cooperation from the central bank.<\/p>\n

Lummis pressed Powell on whether the Fed would comply fully with the committee\u2019s document requests. Powell responded affirmatively, saying, \u201cSure.\u201d However, he clarified that while the Fed strives to be responsive, some requests may be beyond its capacity to answer. \u201cWe always work with the committee to be responsive to your requests,\u201d<\/em> Powell explained, adding that the institution\u2019s ability to respond might be limited by certain constraints.<\/p>\n

The issue of de-banking also came under scrutiny, as Lummis raised concerns about financial institutions cutting ties with digital asset companies. She questioned Powell about the steps the Fed would take to address this issue. \u201cDo you commit to disciplining or removing any staff that are found to have engaged in de-banking activity?\u201d<\/em> she asked.<\/p>\n

While Powell did not make any definitive commitments, he acknowledged the growing concerns surrounding de-banking. \u201cI can\u2019t make an open-ended commitment to remove anybody,\u201d<\/em> he stated. However, he emphasized that the Fed was determined to address the issue. Powell also noted that the Fed had already taken action by removing certain policies from its manual in response to previous concerns.<\/p>\n

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Despite Powell\u2019s assurances, Senator Lummis and other lawmakers remained unsatisfied, continuing to call for stricter oversight and enhanced transparency in the Federal Reserve\u2019s approach to digital assets.<\/p>\n<\/p><\/div>\n

Source link <\/a>
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(Originally posted on : Crypto News – iGaming.org ) In his hearing before the Senate Banking Committee on February 11, Senator Cynthia Lummis (R-WY) grilled Federal Reserve Chair Jerome Powell. Lummis expressed grave concerns regarding the Fed\u2019s lack of transparency in its approach to digital currencies and how it is regulating digital assets. Accusations of […]<\/p>\n","protected":false},"author":35,"featured_media":47203,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/47202"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/35"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=47202"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/47202\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/47203"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=47202"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=47202"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=47202"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}