Coinscreed
  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • DeFi
    • Blockchain News
  • Market Analysis
  • NFT
  • Metaverse
  • Cryptocurrencies
  • Learn
    • Bitcoin 101
    • Ethereum 101
    • Binance Smart Chain
    • DeFi 101
    • Ripple 101
    • ICO 101
    • Trading 101
    • Dogecoin 101
    • Lightening Network
    • NFT 101
  • Crypto How Tos
Advertise
No Result
View All Result
  • bitcoinBitcoin(BTC)
    $24,104.00-0.19% 24H
    BITCOIN
    24H : -0.19%
    Volume : $27,457,575,179.00
    Marketcap : $461,045,883,640.00
  • ethereumEthereum(ETH)
    $1,894.48-0.40% 24H
    ETHEREUM
    24H : -0.40%
    Volume : $15,485,004,829.00
    Marketcap : $227,561,702,005.00
  • binancecoinBNB(BNB)
    $317.760.190% 24H
    BNB
    24H : 0.190%
    Volume : $1,087,659,088.00
    Marketcap : $51,883,657,296.00
  • cardanoCardano(ADA)
    $0.5692.47% 24H
    CARDANO
    24H : 2.47%
    Volume : $708,965,738.00
    Marketcap : $19,218,313,800.00
  • rippleXRP(XRP)
    $0.3771.60% 24H
    XRP
    24H : 1.60%
    Volume : $1,039,220,319.00
    Marketcap : $18,547,042,048.00
  • terra-lunaTerra Luna Classic(LUNC)
    $0.000071-5.36% 24H
    TERRA LUNA CLASSIC
    24H : -5.36%
    Volume : $134,961,670.00
    Marketcap : $768,841,921.00
Coinscreed
No Result
View All Result
Home News

Fed is ‘violating the law’ with Wyoming blockchain bank delays says Lummis

Chide Austin by Chide Austin
9 months ago
in News
Reading Time: 2 mins read
A A
Share on FacebookShare on Twitter
Wyoming’s Republican senator, Cynthia Lummis has called on her colleagues to vote against Fed Chairperson Jay Powell.
Fed is 'violating the law' with Wyoming blockchain bank delays says Lummis

Senator Cynthia Lummis of Wyoming, a Republican, claims the Federal Reserve is “violating the law” by delaying the processing of applications from crypto-native banks to open accounts with the central bank.

Lummis alleged in a Wall Street Journal op-ed on Nov. 30 that the Fed was unfairly penalizing Special Purpose Depository Institutions (SPDIs), commonly known as “blockchain banks,” in her home state. She urged her Republican colleagues to vote no on President Biden’s re-appointment of Federal Reserve Chairman Jay Powell on Nov. 23.

SuggestedArticles

Crypto lender Hodlnaut seeks for creditor protection in Singapore

Crypto lender Hodlnaut seeks for creditor protection in Singapore

1 hour ago

Health Node Report Questions the Decentralization of SOL

2 hours ago

The Wyoming state legislature legalized SPDIs in February 2019 to help firms who are unable to obtain banking services from the Federal Deposit Insurance Corporation (FDIC) owing to their cryptocurrency activities.

Kraken and Avanti, two Wyoming SPDIs, will be granted bank licences in 2020. They registered for master accounts with the Federal Reserve Bank of Kansas City not long after. Their applications are still pending.

The state is debating whether SPDIs should be treated as banks under federal law. Lummis asserted in the paper that SPDIs should be designated banks under federal law “without a doubt,” and that “Wyoming checked every box.” She went on to say that SPDIs fit the Federal Reserve Act’s definition of a bank, which was defined by Congress.

She said that the Fed is “in reality breaking the law” by delaying approval of the SPDI, citing federal court rulings that the Fed “has a duty to offer payment system access to all banks and credit unions doing authorized activity.”

Lummis filed records on Oct. 7 showing that on Aug. 16, she acquired an unknown quantity of BTC worth between $50,001 and $100,000.

Lummis made the purchase less than two weeks after she and several senators sought to get President Joe Biden’s infrastructure plan to include a pro-crypto amendment.

Tags: #bank#Blockchain#Fed#Senator Lummis#US Government
GXGBET
Coinscreed

Copyright © 2022 Coinscreed

Navigate Site

  • About
  • Advertise
  • Privacy & Policy
  • Crypto Price Charts

Follow Us

No Result
View All Result
  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • DeFi
    • Blockchain News
  • Market Analysis
  • NFT
  • Metaverse
  • Cryptocurrencies
  • Learn
    • Bitcoin 101
    • Ethereum 101
    • Binance Smart Chain
    • DeFi 101
    • Ripple 101
    • ICO 101
    • Trading 101
    • Dogecoin 101
    • Lightening Network
    • NFT 101
  • Crypto How Tos

Copyright © 2022 Coinscreed

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Go to mobile version