Washington, D.C.— U.S. Senator Cynthia Lummis (R-WY) demanded answers from Federal Reserve Chairman Jerome Powell during today’s Senate Banking Committee hearing for the Federal Reserve’s continued bias against the bitcoin and digital asset industry, citing the continued failure of the Fed to repeal the Policy Statement on Section 9(13) of the Federal Reserve Act, which specifies that digital assets are inherently unsafe and unsound.
“While Chairman Powell asserts that the Fed has taken significant steps to adopting a more balanced approach toward digital assets, the legacy of Operation Chokepoint 2.0 and the ramifications of these harmful policies persist,” said Lummis. “The Fed’s continued politization of bank supervision is a threat to both our financial system’s integrity and America’s competitive edge, and the days of the Fed hiding its policy bias and mismanagement are over.”
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