Lummis, Gordon Encouraged by Fed Digital Asset Guidelines

U.S. Senator Cynthia Lummis (R-WY) and Governor Mark Gordon are encouraged by the release of the new Federal Reserve guidelines on request for access to Federal Reserve master accounts and payment systems. Senator Lummis said the guidelines are long overdue and a step in the right direction toward consistency and clarity and it is important that the Federal Reserve also includes clear deadlines for the master account review process. Lummis added that she is looking forward to some clear answers for the Special Purpose Depository Institutions in Wyoming that have been waiting for master accounts for over two years.

Governor Gordon said after urging the Federal Reserve for over a year, the guidelines are welcomed as another step forward in the effort to lead the nation in the digital asset realm. Gordon said Wyoming’s innovation and commitment to developing a regulatory environment for these institutions is reflected in the years of work that have brought us to this point. Wyoming has spent the last four years developing expertise in digital assets and the future of finance. In 2019, the Wyoming Legislature passed HB 74 which created special purpose depository institutions as a new custodial bank charter to responsibly integrate digital assets into the U.S. financial system.