Cynthia Lummis is a senator.
Tom Williams.
Cynthia Lummis said that the nominations of Powell and Brainard to the Federal Reserve were preventing the adoption of digital currency.
Powell was nominated last week for a second term as Fed chair, with his current term set to end in February. The Fed governor was nominated to be the vice chair.
Lummis wrote in the Wall Street Journal that his faith in the Fed has been "shaken by its political approach to digital assets in my home state, Wyoming, greatly contributing to my concerns over President Biden's nominees."
A source in Lummis' office said that she was encouraging senators to block Powell and Brainard's Fed nominations. The chair of the Senate Banking Committee wants to confirm the nominees quickly.
In Wyoming, where there have been multiple cryptocurrencies-friendly state laws, the Federal Reserve is not processing applications for Special Purpose Depository Institutions.
She said that Mr. Powell and Ms. Brainard should address the delay before Congress because the Fed chose to ignore its legal obligations when Wyoming provided a perfect opportunity.
Lummis and the Federal Reserve didn't respond to Insider's request for comment. Lummis is an advocate for cryptocurrencies. She bought at least $50,000 worth of the virtual currency when it was in decline.
Business Insider has an original article.
