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Financial services

Senator Lummis Applauds President's Working Group on Digital Asset Markets

Strategic Insights

— 1 min read

Senator Cynthia Lummis, Chair of the U.S. Senate Banking Subcommittee on Digital Assets, has expressed her enthusiasm for the President's Working Group on Digital Asset Markets, citing its efforts to secure America's position as a global financial services leader. Lummis has been a strong advocate for digital assets and distributed ledger technology, having worked on proposals contained in President Trump's report since her 2021 inception in office. She has led the charge on policies to provide master accounts to eligible depository institutions and to end Operation Chokepoint 2.0, ensuring that Federal banking regulators do not discriminate against crypto companies.

Key Takeaways:

  • Senator Lummis has consistently pressured the Federal Reserve Board and Federal Reserve Banks for their failure to follow existing Federal law on providing master accounts to eligible depository institutions engaged in digital asset activities.
  • Her efforts have resulted in the withdrawal of President Biden's nominee for Vice Chair of Supervision at the Fed, Sarah Bloom Raskin.
  • Senator Lummis has been the top advocate on Capitol Hill to end Operation Chokepoint 2.0, ensuring that Federal banking regulators do not discriminate against crypto companies.
  • She has introduced legislation creating a financial technology sandbox for digital asset companies in 2022 and is working on a similar proposal as part of the Senate Banking Committee's comprehensive market structure legislation.
  • Senator Lummis is the leading advocate on Capitol Hill to integrate digital assets into our nation's tax code, having introduced legislation in 2022, 2023, and 2025.

Statistics:

  • 2021: Senator Lummis began working on proposals contained in President Trump's report.
  • 2022: Senator Lummis introduced legislation creating a financial technology sandbox for digital asset companies.
  • 2023: Senator Lummis introduced legislation to integrate digital assets into the nation's tax code.
  • 2025: Senator Lummis introduced legislation to further integrate digital assets into the nation's tax code.

Sources:

  • [Source 1: Statement from Senator Lummis' office, exact format as provided]
  • [Source 2: List of Senator Lummis' legislation, exact format as provided]
  • [Source 3: Federal Reserve Board's actions regarding master accounts, exact format as provided]

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