'Skinny' Fed Accounts for Crypto is a Hedge Against Debanking — Lummis
Senator Lummis believes Federal Reserve Governor Waller's 'skinny' master account proposal will end the alleged Operation Chokepoint 2.0 debanking of crypto firms.Summary
Wyoming Senator Cynthia Lummis praised Federal Reserve Governor Christopher Waller's proposal to grant crypto and fintech startups access to restricted "skinny" master accounts at the Federal Reserve. Lummis asserted that this framework effectively ends Operation Chokepoint 2.0, which she described as a coordinated effort to deny banking services to crypto companies, resulting in over 30 founders being debanked according to venture capitalist Marc Andreessen. Waller's proposal signals a regulatory shift toward embracing novel fintech. Despite a previous executive order by President Trump prohibiting debanking without lawful cause, crypto executives continued to report issues, such as Strike CEO Jack Mallers being debanked by JPMorgan without explanation, and JPMorgan Chase freezing accounts of stablecoin startups citing exposure to sanctioned jurisdictions.
(Source：Cointelegraph)