Senator Lummis Urges Fed Chair Powell to Resign Over Crypto Policies

Jay Powell let Operation Chokepoint 2.0 happen under his watch, assassinating the digital asset industry and setting American innovation back decades. It’s time for him to resign. – Senator Cynthia Lummis

Senator Lummis, a long-time crypto advocate, accused Powell of mismanaging his role by enforcing policies that target crypto firms. Her statements point to a politicized supervision of the banking system that endangers the U.S.’s competitive position in digital assets.

The allegations could potentially alter the landscape for Bitcoin (BTC) and other digital assets, affecting their market access and regulatory compliance. Critics highlight the dangers of increased costs and restricted banking services for crypto ventures.

Operation Chokepoint 2.0, as alleged, involves pressure on banks to reduce services to crypto firms, indirectly affecting liquidity and competition. Financial repercussions might include stressed market infrastructure and altered exchange-listed tokens dynamics.

Wide-scale effects could include lowered market participation, a factor that Senator Lummis argues will suppress innovation and competition. Her accusations aim to spotlight the need for revisited federal strategies in crypto regulations to ensure fair operations.