A major policy shift may be on the horizon for the U.S. crypto industry. Wyoming Senator and well-known crypto advocate Cynthia Lummis has expressed strong support for a proposal from Federal Reserve Governor Christopher Waller, which could significantly reduce unfair “debanking” practices against crypto firms.
Under the proposed framework, crypto and fintech companies would gain access to streamlined or “skinny” master accounts, allowing them to operate more efficiently within the banking system — similar to traditional financial institutions, though with specific safeguards in place.
Senator Lummis believes this initiative could help end Operation Chokepoint 2.0, a widely criticized practice that allegedly restricted banking access for crypto businesses and founders. She highlighted how improved payment speed, lower costs, and enhanced security are essential to responsibly building the future of digital finance.
Industry figures have previously claimed that over 30 technology founders and multiple crypto firms were negatively affected by targeted banking restrictions. Despite policy efforts made over recent years, many crypto companies have continued to face sudden account closures and limited access to financial services.
Governor Waller’s proposal signals a growing recognition within U.S. regulatory circles that crypto is becoming a permanent part of the financial system, and ensuring fair banking access is crucial for innovation and economic progress.
