Cynthia Lummis Supports Fed’s Proposal to Aid Crypto Companies
- Senator Cynthia Lummis endorsed Federal Reserve Governor Christopher Waller’s proposal for “skinny” master accounts for crypto firms.
- The proposal aims to end Operation Chokepoint 2.0, which has reportedly debanked over 30 tech founders.
- Waller’s plan offers limited access to Federal Reserve accounts for crypto and fintech startups, promoting innovation in payments.
- Despite an executive order from President Trump against debanking, crypto executives still face banking issues.
- Jack Mallers of Strike reported being debanked by JPMorgan without explanation, reflecting ongoing challenges in the sector.
The push for “skinny” master accounts signifies a regulatory shift in the U.S., with officials beginning to recognize the importance of cryptocurrencies and fintech innovations as essential components of the financial system.
Lummis stated that this framework could lead to faster payments and lower costs, addressing ongoing issues faced by crypto companies despite previous regulatory efforts. (Source)
