According to Cointribune, Senator Cynthia Lummis supports the Federal Reserve's proposal of 'skinny master accounts' to provide crypto companies with direct access to banking infrastructure. This initiative aims to address the issue of debanking, which has affected over 30 crypto business founders. The move could reduce transaction costs and boost innovation in the sector. JPMorgan's recent closure of Jack Mallers' accounts at Strike reignited the debate on debanking, a practice that has left 60% of U.S. crypto companies impacted in 2025. The proposal, backed by Fed Governor Christopher Waller, could offer a lifeline to crypto firms like Strike, BitPay, Coinbase, and Kraken, as well as stablecoins and Web3 startups.
Senator Lummis Backs Fed's 'Skinny Master Accounts' to Curb Crypto Debanking
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Summary
Senator Cynthia Lummis supports the Fed’s 'skinny master accounts' to help crypto firms bypass traditional banking barriers. The proposal, endorsed by Fed Governor Christopher Waller, aims to reduce debanking risks and lower transaction costs. Over 30 crypto founders have faced account closures, with 60% of U.S. firms impacted in 2025. The initiative could aid companies like Strike and Coinbase, while also addressing CFT concerns and improving liquidity in crypto markets.
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