Opinion | The Fed Battles Wyoming on Cryptocurrency

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From WSJopinion: Over the past year my faith in the Fed has been deeply shaken by its political approach to digital assets in my home state of Wyoming, writes CynthiaMLummis

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Journal Editorial Report: The president signs on to the Fed's inflation. Image: Kevin Lamarque/ReutersThe Federal Reserve has an extraordinary responsibility to ensure a healthy economy and sound financial system for all Americans. Unfortunately, over the past year my faith in the Fed has been deeply shaken by its political approach to digital assets in my home state, Wyoming, greatly contributing to my concerns over President Biden’s nominees, Jay Powell and Lael Brainard.

In 2019 Wyoming began integrating digital assets, including cryptocurrency, into the U.S. banking system. State legislators wrote bills addressing issues from asset custody to money laundering. As a part of this effort, they created a heavily regulated bank—the special purpose depository institution.

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opinion CynthiaMLummis CGasparino EleanorTerrett JohnEDeaton1 digitalassetbuy ThinkingCrypto1 RoKhanna SenSherrodBrown ForbesCrypto FoxBusiness

opinion CynthiaMLummis

opinion CynthiaMLummis Oh no! Not YOUR faith in The Fed! Deeply shaken!! 😩 Over crypto!! 😫 Thanks for sharing.

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opinion CynthiaMLummis Haven't really taken to it, but I hear It'll run the news while you flower a pot.

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