Senator Cynthia Lummis has criticized the Federal Reserve's withdrawal of crypto guidance, arguing that it stifles innovation and impedes the growth of the U.S. cryptocurrency sector. SEC Chair Gary Gensler has also acknowledged that regulatory actions have hindered crypto innovation. Lummis questioned why merchants are not widely accepting stablecoins like USDC for point-of-sale transactions and highlighted the potential savings for merchants if they did. She identified stablecoins as the greatest threat to fiat currency. Additionally, concerns have been raised about the influence of private companies issuing stablecoins, which reportedly use billions in accumulated Treasury bill interest to lobby and influence government policy. Lummis is actively opposing both so-called "shitcoins" and stablecoin lobbyists in Congress.