Senator Cynthia Lummis calls out Fed Chair Jerome Powell for sidelining Bitcoin-friendly Governor Stephen Miran. President Donald Trump appointed Miran as Fed Governor after the Powell-led Federal Reserve did not act on his requests to lower interest rates.
Since his appointment in September, Governor Miran has repeatedly pushed for aggressive rate cuts. The Fed lowered the federal funds rate by 75 bps in total over the next three months, before Miran’s term ended in January 2026.
Cynthia Lummis Questions Jerome Powell on Miran’s Denial from Fed Committees
Senator Cynthia Lummis took to X on April 16 to criticize Fed Chair Jerome Powell. She asked why Governor Stephen Miran has not yet been appointed to the Fed Board committee.
Governor Miran has served for seven months without any committee roles. Lummis’ comments came during ongoing disputes between the Trump administration and the Fed over monetary policy.
Cynthia Lummis has questioned the Fed’s workings and political disagreements. Miran was previously Chair of the White House Council of Economic Advisers under President Trump. He has supported crypto innovation, including stablecoins and the CLARITY Act.
Miran’s Crypto-Friendly Stance
Miran is seen as one of the most Bitcoin and crypto-friendly governors on the Fed Board. He has talked about stablecoins in the payment system, matching a pro-Bitcoin view. Crypto market welcomed his appointment, speculating about Bitcoin price rally.
Jerome Powell and the Fed have maintained a cautious approach, keeping Fed rates unchanged in recent decisions. At the March FOMC meeting, Miran again dissented and called for a 25-bps rate cut.
Powell’s term as Fed Chair ends in May 2026, which has raised more concerns about the Fed’s future. Cynthia Lummis earlier criticized Powell for the Federal Reserve’s controversial headquarters renovation. She also joined others in calling for more oversight or even Powell’s resignation.
President Trump vows to fire Powell if he refuses to resign. This statement came as Senator Thom Tillis threatened to block Kevin Warsh’s nomination as Fed Chair in the Senate. There are increasing doubts that Warsh will be confirmed by the full Senate before Powell’s term ends. The Senate Banking Committee plans to hold a hearing on his nomination next Tuesday, Reuters reported.
Bitcoin Price Holds Steady amid Cynthia Lummis’ Pro-Crypto Moves
Crypto market participants are watching the CLARITY Act developments closely, with the Senate markup likely delayed until May. Disagreements over stablecoin yields and rewards remain a major issue between banks and crypto leaders.
Recently, Treasury Secretary Scott Bessent urged the Congress to pass the CLARITY Act. He claimed the crypto bill will help establish clear rules for crypto assets, reduce uncertainty in markets, and position the US as a global leader in crypto innovation. Cynthia Lummis also urged Congress to pass the crypto bill.
Bitcoin price jumped more than 0.50%, currently trading at $74,642. The 24-hour low and high are $73,614 and $75,409, respectively. However, trading volume dropped by 23%, indicating a decline in interest among traders.