Lummis, Gordon Encouraged by Fed Digital Asset Guidelines

August 16, 2022

CHEYENNE, WY – U.S. Senator Cynthia Lummis (R-WY) and Governor Mark Gordon (R-WY) released the following statement regarding the release of new Federal Reserve guidelines on requests for access to Federal Reserve master accounts and payment systems: 

“These guidelines are long overdue and a step in the right direction toward consistency and clarity in this process. It is important that the Federal Reserve also includes clear deadlines for the master account review process,” said Senator Lummis. “I am now 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.” 

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. 

Today’s step by the Fed was also welcomed by Wyoming Governor Mark Gordon. 

“After urging the Federal Reserve to act for more than a year, we welcome these guidelines as another step forward in our effort to lead the nation in the digital asset realm,” Governor 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.” 

Read the Federal Reserve’s release here

Senator Lummis was also encouraged by the Federal Reserve’s embrace of digital assets after the release of an outline for Fed-regulated banks to begin providing digital asset services. 

“This is an important step forward to the full integration of digital assets into our financial system. There is still work to be done, and Congress needs to vote on and pass the Lummis-Gillibrand Digital Asset Framework to give industry and regulators the clarity they need to promote innovation and protect consumers.” 

Read the guidance here.