No, it is not fair, but it is also not cheating.
Here's what USA Powerlifting says on the matter:
USA Powerlifting, as a National Affiliate of the International Powerlifting Federation (IPF) adopted, and follows the policies as defined by the IPF Medical Committee which impact the participation of transgender individuals in events sanctioned by USA Powerlifting.
Two areas of policy impact such participation:
The first has to do with the use of testosterone or other androgens, commonly used to assist in transition from female to male. By virtue of the anabolic nature of these compounds, they are not allowed, nor is a Therapeutic Use Exemption granted for such use for anyone. This applies to any and all medical conditions which might be treated through use of androgens.
The second area involves the participation of male to female competitors. Through analysis the impact of maturation in the presence naturally occurring androgens as the level necessary for male development, significant advantages are had, including but not limited to increased body and muscle mass, bone density, bone structure, and connective tissue. These advantages are not eliminated by reduction of serum androgens such as testosterone yielding a potential advantage in strength sports such as powerlifting.
The science behind this policy can be read in Dr Kris Hunt’s
2019 Therapeutic Use Exemption (TUE) Report. Dr Hunt presented this report at the National Governing Body (NGB) Meeting, his full presentation can be viewed on
YouTube. (Supporting
Powerpoint used during NGB Meeting.)
https://www.usapowerlifting.com/transgender-participation-policy/
There is a reason why men and women compete separately in sports.