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

by Mike Robinson

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Republican senator for Wyoming Cynthia Lummis has argued that the Federal Reserve is “violating the law” by delaying the processing of applications from crypto-native banks to receive accounts at the central bank.

In a Nov. 30 op-ed for the Wall Street Journal, Lummis claimed that the Fed was treating the Special Purpose Depository Institutions (SPDIs), also known as ‘Blockchain banks’, in her home state unfairly. She urged her Republican friends to not support Jay Powell, Fed chair, who was reappointed Nov. 23rd by President Biden.

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