Share this article
Sen. Lummis Likely to Oppose Powell’s Fed Nomination on Crypto Grounds
The Wyoming senator is likely to vote against President Biden’s nominees to head the U.S. Federal Reserve, and will rally other senators against them, said a Lummis aide.
Updated May 11, 2023, 6:03 p.m. Published Dec 1, 2021, 8:55 p.m.
Make us preferred on Google
Crypto-friendly U.S. Sen. Cynthia Lummis (R-Wyo.) has expressed significant concerns about the crypto track records of President Joe Biden’s nominees to head the Federal Reserve for its next term, current Fed Chair Jerome Powell and Fed Governor Lael Brainard.
As a result, Lummis is likely to oppose the nominations and rally other senators against them unless the Fed addresses her concerns, an aide to Lummis told CoinDesk.
STORY CONTINUES BELOW
The Republican senator wrote in an op-ed in Tuesday’s Wall Street Journal that “over the past year my faith in the Fed has been deeply shaken by its political approach to digital assets in my home state.”
She explained that Wyoming created a heavily regulated bank structure called a special purpose depository institution, or SPDI, in 2019, and began discussing with the Fed whether these vehicles could be considered banks and gain access the federal payment system.
But the two Wyoming-based institutions that received SPDI charters in 2020 – crypto exchange Kraken and bank and stablecoin issuer Avanti – have not yet been approved by the Fed, which says it’s still determining whether they qualify as banks.
Lummis says the delay amounts to a legal violation because in 1994 the Congress required the Fed to act on all bank applications within a year.
The senator wrote that, as a result, she’s “deeply concerned” about Powell and Brainard’s nominations, though she called them both “smart and qualified.”
She continued, “But while Mr. Powell and Ms. Brainard have said they want to promote responsible financial innovation, when Wyoming provided a perfect opportunity the Fed instead inexplicably chose to ignore its legal obligations. I want to know why but haven’t received an answer.”
Read more: Sen. Lummis Mounts Last-Ditch Effort to Modify Crypto Broker Language
CORRECTION (Dec. 1, 18:59 UTC): A previous version of this story incorrectly stated that Lummis’ op-ed was published on Wednesday.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Ukraine banned Polymarket and there’s no legal way for it to come back
Polymarket and similar platforms are considered unlicensed gambling operators, leading to blocked access.
What to know:
- Ukraine has no legal framework for Web3 prediction markets, and current legislation provides no recognition for such platforms.
- Polymarket and similar platforms are considered unlicensed gambling operators, leading to blocked access.
- Legal changes are unlikely in the near future, as Parliamentary revisions to gambling definitions are extremely improbable during wartime, leaving prediction markets in a legal deadlock.
Top Stories
