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Senator Cynthia Lummis Predicts Banks Will Serve as Gateways to Cryptocurrency

Following Kraken’s integration with the U.S. Federal Reserve’s payment system through Wyoming’s SPDI (Special Purpose Depository Institution) framework, Senator Lummis advocates for deeper regulatory collaboration between traditional finance and digital assets.

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Terms & Concepts
  • SPDI (Special Purpose Depository Institution): A type of bank charter in Wyoming that allows crypto firms to access the U.S. Federal Reserve payment system directly while operating under specific regulatory guidelines.
  • Federal Reserve payment system: The network that enables regulated financial institutions to transfer funds and settle transactions within the U.S. banking system.
  • Kraken: A major cryptocurrency exchange that became the first crypto-centric firm to connect directly with the Federal Reserve system through Wyoming’s SPDI framework.