Washington, D.C. – U.S. Senator Cynthia Lummis (R-WY) Chair of the U.S. Senate Banking Subcommittee on Digital Assets, released the following statement applauding the impactful efforts of the President’s Working Group on Digital Asset Markets to continue to secure America’s position as the global financial services leader.
“I’m overjoyed we finally have a president who understands the transformative power of digital assets and distributed ledger technology to build America’s financial future,” said Lummis. “I’ve been working on many of the proposals found in President Trump’s report since I took office in 2021, and I look forward to partnering with him to deliver on these transformational policies.”
Since taking office, Senator Lummis has led the charge on the following policies contained in the President’s Working Group report:
- 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, resulting in the withdrawal of President Biden’s nominee for Vice Chair of Supervision at the Fed, Sarah Bloom Raskin.
- She has also been the top advocate on Capitol Hill to end Operation Chokepoint 2.0 and ensure that Federal banking regulators do not discriminate against crypto companies—exposing a secret instruction from the Federal Reserve to consider reputation risk and “controversial commentary” in regulating banks engaged in crypto activities.
- Building off of Wyoming 2019 legislation, Senator Lummis introduced legislation creating a financial technology sandbox for digital asset companies in 2022, and is currently working on a similar proposal as part of the Senate Banking Committee’s comprehensive market structure legislation.
- She is also the leading advocate on Capitol Hill to integrate digital assets into our nation’s tax code, having introduced legislation in 2022, 2023 and 2025 to create a de minimis exemption for small digital asset purchases, end the double taxation of digital asset miners and stakers, close the wash sale loophole, enable mark to market accounting and end the unfair application of the corporate alternative minimum tax (CAMT).
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