BREAKING: Fed's "Skinny" Accounts Could End Crypto Debanking
Senator Cynthia Lummis just backed a major proposal from Federal Reserve Governor Christopher Waller that could change everything for crypto companies.
What's happening?
The Fed proposed "skinny" master accounts, a limited version of bank accounts that would give crypto and fintech firms direct access to the Federal Reserve's payment system.
Why it Matters?
Right now, big banks like JPMorgan are cutting off crypto companies without explanation. Strike CEO Jack Mallers and over 30 founders have been debanked under what the industry calls "Operation Chokepoint 2.0."
This proposal would let crypto firms bypass traditional banks entirely.
Lummis said:
"This ends Operation Chokepoint 2.0 and opens the door to real payments innovation, Faster payments, lower costs, better security."
What's Next?
The Fed is collecting public feedback until February. Not everyone is on board, some regulators want stronger anti-money laundering safeguards first.
If approved, this could be a game-changer for crypto banking access in the US.