Senator Cynthia Lummis, a Republican representing Wyoming and known for her advocacy of digital assets, posted a series of tweets on July 16 and 17, 2025, calling for the resignation of Federal Reserve Chair Jay Powell. In her posts, Lummis criticized Powell’s leadership and alleged negative impacts on the digital asset industry.
On July 16, 2025, Senator Lummis wrote: “Jay Powell let Operation Chokepoint 2.0 happen under his watch, assassinating the digital asset industry and setting American innovation back decades. It’s time for him to resign.” Later that evening she added: “Chair Powell is serving only himself and his Palace of Versailles.”
The following day, on July 17, she reiterated her stance with another post: “Jay Powell has officially worn out his welcome, and it’s time for him to go.”
Senator Lummis has been an outspoken supporter of cryptocurrency regulation favorable to innovation in the United States. Her comments reference “Operation Chokepoint 2.0,” an allegation from some digital asset advocates that federal regulators have indirectly pressured banks to limit services to crypto firms—a claim that has been debated within financial policy circles.
Jerome “Jay” Powell has served as Chair of the Federal Reserve since February 2018 and was reappointed by President Biden in November 2021 for a second term. The Federal Reserve plays a central role in U.S. monetary policy and financial system oversight.
