The Federal Reserve has an extraordinary responsibility to ensure a healthy economy and a sound financial system for all Americans. Unfortunately, over the past year, my faith in the Fed was deeply shaken by its political approach to digital assets in my home state of Wyoming, which contributed greatly to my concerns about the nominees of President Biden, Jay Powell, and Lael Brainard.
In 2019, Wyoming began integrating digital assets, including cryptocurrency, into the US banking system. State lawmakers drafted bills that address issues from asset custody to money laundering. As part of this effort, they created a heavily regulated bank: the Special Purpose Depository Institution.
