Senator Lummis: Allowing crypto companies to use "streamlined" master accounts will end "Operation Choke Point 2.0"

PANews, December 28 — According to Cointelegraph, pro-cryptocurrency U.S. Senator from Wyoming, Cynthia Lummis, stated that the recent proposal by Federal Reserve Governor Christopher Waller to allow cryptocurrency companies to use a "streamlined" master account would put an end to the debanking process under "Operation Choke Point 2.0." "Governor Waller's proposed streamlined master account framework ends 'Operation Choke Point 2.0' and opens the door to real payment innovation. Faster payments, lower costs, greater security—this is how we responsibly build the future."

Waller introduced this idea at a payments innovation conference in October, allowing cryptocurrency and fintech startups—including banks that only provide payment services—to open accounts at the Federal Reserve similar to banks' "master accounts," but with certain restrictions attached.