Senator Lummis Advocates for Fed’s ’Skinny’ Master Accounts to Protect Crypto Firms from Debanking
U.S. Senator Cynthia Lummis (R-WY) has endorsed a proposal by Federal Reserve Governor Christopher Waller to introduce 'skinny' master accounts for crypto firms, a move she claims would counteract Operation Chokepoint 2.0's debanking efforts. The proposal, unveiled at October's Payments Innovation Conference, aims to grant crypto and fintech startups limited access to Federal Reserve accounts—akin to traditional banks' master accounts.
Lummis framed Waller's initiative as a catalyst for payment innovation, emphasizing potential benefits like faster transactions, reduced costs, and enhanced security. 'This is how we responsibly build the future,' she stated, addressing heated debates within the crypto sector. The proposal signals growing institutional recognition of digital assets, though regulatory restrictions remain a hurdle.
