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Usha Yadav
Dec 2, 2021
by Usha Yadav

Bitcoin Evangelist Sen. Lummis Wants to Oppose Powell And Brainard's Nominations

Lummis Powell Brainard's nominations
Sen. Lummis, a bitcoin evangelist from Wyoming, wants to oppose Powell and Brainard's Fed nominations due to their 'political approach' to cryptocurrency. She said that the appointments of Jerome Powell and Lael Brainard to the Fed Stand in the way of crypto adoption. Decrypt reported, the republican from Wyoming has told others to block the nominations.

Powell was nominated for a second term as Fed chairman last week, with his current tenure slated to end in February. Brainard, a member of the Federal Reserve Board of Governors, was selected to serve as vice-chair.

"Unfortunately, over the past year, my faith in the Fed has been deeply shaken. By its political approach to digital assets in my home state, Wyoming," Lummis wrote in a Wall Street Journal op-ed on Tuesday, "greatly contributing to my concerns about President Biden's nominees, Jay Powell and Lael Brainard."

Lummis Encouraging Senators to Block Powell and Brainard's Fed Nominations

According to reports, citing a source in Lummis' office, she has urged senators to vote against Powell and Brainard's Fed appointments. According to Bloomberg, the chair of the Senate Banking Committee, Democrat Sherrod Brown of Ohio, wants to move quickly on confirming the nominations.

Crypto banks known as Special Purpose Depository Institutions are in limbo in Wyoming, where multiple crypto-friendly state laws have been passed. According to Lummis, as they wait for the Federal Reserve to process their applications, they noted that Kraken and Avanti received bank charters in the state in 2020.

Powell and Ms. Brainard Want to Promote Financial Innovation

"While Mr. Powell and Ms. Brainard have stated that they desire to foster responsible financial innovation. The Fed strangely opted to violate its legal requirements when Wyoming gave a golden chance," she said, adding that they should address the delay before Congress.

Insider reached out to Lummis and the Federal Reserve for comment, but neither responded right away. In Congress, Lummis is a well-known crypto enthusiast. When bitcoin fell in value in August, she acquired at least $US50,000 ($AU69,978) worth, and her campaign welcomed bitcoin donations.

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Lael Brainard Sen. Lummis Ms. Brainard Fed Nominations
Bitcoin Evangelist Sen. Lummis Wants to Oppose Powell And Brainard's Nominations
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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