The Federal Reserve’s eternal vendetta against bitcoin persists, wrapped in the finest cloak of faux reform—a spectacle fit for the theatre of the absurd, provoking outrage and sparking a valiant crusade for true crypto liberty.
US Senator Exposes Fed’s Cryptic Charade: Bitcoin’s Arch-Nemesis Takes Center Stage
The illustrious U.S. Senator Cynthia Lummis of Wyoming, resembling a moral gladiator in the arena of financial farce, unleashed her wit upon the Federal Reserve’s latest crypto theatrics via her missives on the grand stage of X on April 25. Lummis, ever the connoisseur of candor, dismissed the Fed’s ostensible retreat from crypto restrictions as nothing more than a flimsy masquerade, proclaiming:
“The Federal Reserve’s actions yesterday withdrawing crypto guidance are just lip service.”
One might imagine the Fed inventing regulations as a bored playwright might pen a farce: with reckless disregard for substance. Lummis lambasted the Fed’s ongoing disregard for legality concerning master accounts—a scandalous delay inflicted upon Custodia Bank, a digital sanctuary nestled in Wyoming’s earnest embrace. This bank’s lawsuit, citing a 19-month Kafkaesque wait, boldly declares the Fed’s clandestine decision-makers flagrantly disregard the Constitution. Their grievances echo like a sonnet of injustice:
“This unaccountable structure and indefinite delay deny critical rights,” lamented Custodia, a refrain all too familiar within fintech’s hallowed halls.
In a delightful twist worthy of Wildean wit, Lummis contrasted the Federal Reserve’s medieval antics with the comparatively modern sensibilities of the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), noting with a raised brow:
“Unlike the OCC and FDIC, the Fed STILL uses reputation risk in bank supervision.”
Ah, reputation risk—the oldest and vaguest bogeyman in the regulatory closet. The senator gloomily observed the Fed’s persistent anti-crypto prejudice, cloaked most sinisterly in the infamous Policy Statement on Section 9(13)—a declaration rendered on January 27, 2023, painting bitcoin as the financial equivalent of a pirate’s treasure chest rigged with dynamite.
Caitlin Long, the valiant CEO of Custodia Bank, lent her voice to this chorus of skepticism via a social media soliloquy on X, remarking wryly: “The Fed didn’t rescind its Jan 27, 2023 anti-crypto guidance, which the Board voted 7-0 to approve at the time, but it appears to have rescinded all other guidance it issued without a Board vote.” She mused aloud:
“I think this means the Fed didn’t (yet) comply with Trump’s EO?”
Long shrugged off the farce with a sober note: “Fed anti-crypto guidance is still in place, which means Fed-regulated banks are disadvantaged vs OCC or FDIC-regulated banks.”
“The stablecoin bill, when it finally emerges from the legislative cocoon, might slay this dragon—but the play is far from over,” she said. Lummis, ever the vigilant observer, added with an eye-roll worthy of Wilde himself: “Last but certainly not least, the Fed staff behind Operation Chokepoint 2.0 are the same players still scripting crypto policy today.” How delightfully predictable!
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2025-04-27 06:58