A major shift is looming in the American financial sector that could radically alter the crypto industry. Wyoming Senator Cynthia Lummis has expressed strong support for Federal Reserve Governor Christopher Waller's initiative. She believes the introduction of so-called "thin" master accounts could halt the practice of forced debanking and bring an end to the controversial Chokepoint 2.0 operation.

Christopher Waller's Innovative Approach

The idea of reforming access to Federal Reserve resources was announced by Christopher Waller in October 2025 at the Payments Innovation Conference. The proposal entails creating a special category of accounts for fintech startups and crypto companies, including banks specializing exclusively in payments.

These "thin" accounts would be similar to master accounts at traditional commercial banks, but would have certain limitations. This step will allow innovative companies to interact directly with the Federal Reserve's payment infrastructure, bypassing intermediaries like large commercial banks, which often block the crypto sector.

The End of an Era of Financial Crackdown

Cynthia Lummis is confident that Waller's initiative is not just a technical update, but a powerful political and economic tool.

>>>> "The thin master account scheme puts an end to Operation Chokepoint 2.0 and opens the door to true innovation in payments. Faster transactions, lower costs, and improved security—this is how we build a responsible future of finance," the senator emphasized. <<<<<

Operation Chokepoint 2.0, which has become a term to describe the coordinated regulatory crackdown on crypto businesses, has caused serious damage to the industry. According to investor Marc Andreessen, more than 30 prominent tech entrepreneurs suddenly lost access to banking services due to this unspoken policy.

Contradictions between Executive Orders and Reality

Despite legislative optimism, the situation on the ground remains tense. In August 2025, President Donald Trump signed an executive order explicitly prohibiting banks from depriving customers of services without compelling legal grounds. Regulators such as the FDIC were tasked with identifying instances of debanking and punishing culpable institutions.

Nevertheless, representatives of the Web3 industry continue to face blocking. In November 2025, Jack Mallers, head of the Bitcoin service Strike, reported that JPMorgan had closed his accounts without explanation. A similar fate befell startups BlindPay and Kontigo in December—the bank froze their accounts, citing formal suspicions of ties to sanctioned jurisdictions.

A New Milestone in US Regulatory Policy

Christopher Waller's proposal and its support in the Senate signal a fundamental shift in government attitudes toward digital assets. Officials increasingly recognize that crypto companies and modern fintech payment solutions are not a threat, but a necessary upgrade to an outdated financial system.

If the "thin" master account initiative is implemented, it will provide crypto startups with institutional independence and protect them from the arbitrary actions of private banking giants, creating a foundation for the transparent and secure development of the digital economy.