United States Senator Cynthia Lummis has expressed skepticism over the recent move by the US Federal Reserve to soften its guidance on crypto banking rules. In a post on X on April 25, Lummis referred to the Fed’s announcement on April 24, which revoked its 2022 supervisory letter that discouraged banks from dealing with crypto and stablecoin activities, as mere “lip service.” Unlike some in the crypto industry who viewed the Fed’s decision as progress, Lummis criticized it for failing to address key issues. She highlighted that the Fed still considers Bitcoin and digital assets as “unsafe and unsound” in its policy statement. Lummis pointed out ongoing concerns about the Fed’s approach to crypto regulation and its reliance on reputational risk in bank supervision. She also raised the issue of Operation Chokepoint 2.0 and its impact on the industry. While some praised the Fed’s move, including Strategy founder Michael Saylor and blockchain regulatory firm Fideum CEO Anastasija Plotnikova, Lummis and Custodia Bank founder Caitlin Long shared a more cautious view. Lummis vowed to hold the Fed accountable until the digital asset industry receives fair treatment. The debate continues within the crypto community about the implications of the Fed’s revised stance on crypto banking rules, with varying opinions on whether it represents progress or falls short of addressing fundamental concerns.