The 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.