For months, crypto companies have suffered arbitrary closures of bank accounts, a phenomenon known as debanking. On November 23, 2025, JPMorgan closed the accounts of Jack Mallers, CEO of Strike, reigniting the controversy. Faced with this crisis, Senator Cynthia Lummis sees in the “ skinny master accounts » proposed by the Fed a solution to protect the sector.
In brief
- Cynthia Lummis supports “skinny master accounts” proposed by the Fed to give crypto companies access to banking infrastructure.
- This measure aims to put an end to debanking, a practice which has affected more than 30 crypto business founders.
- If adopted, this solution could reduce transaction costs, accelerate innovation and strengthen the competitiveness of crypto businesses.
Cynthia Lummis and the Fed: a solution to put an end to crypto debanking?
Cynthia Lummis, Republican senator from Wyoming and pro-crypto figure, supports the proposal from Christopher Waller, governor of the Fed. The latter suggests offering “ skinny master accounts » to crypto companies, giving them limited but direct access to federal payment infrastructures. The objective? End Operation Chokepoint 2.0, a campaign accused of targeting crypto businesses by depriving them of banking services.
According to Marc Andreessen, more than 30 founders of tech and crypto startups have been debanked. A report from Chainalysis reveals that 88% of crypto businesses surveyed in 2025 experienced difficulty accessing banking services. For Lummis, these accounts are a lifeline for a sector stifled by traditional banks.
Crypto debanking: a scourge revived by the JPMorgan vs Strike affair?
On November 23, 2025, JPMorgan closed the accounts of Jack Mallers, CEO of Strike, without clear explanation. This event reignited the debate on crypto debanking, a practice which consists of closing the bank accounts of companies deemed “ at risk », often without transparent justification. The consequences for crypto companies are serious:
- Inability to receive or make payments;
- Disruption of daily operations;
- Loss of investor confidence.
By 2025, 60% of crypto businesses in the United States have been affected by this phenomenon, according to the Blockchain Association. Faced with this crisis, Donald Trump signed a decree in August 2025 prohibiting debanking without legal cause. The FDIC and Fed are now under pressure to identify and sanction the responsible banks. Yet debanking persists, highlighting the urgency of a structural solution.
Which cryptos and companies will be the first to be saved by “skinny accounts” of the Fed?
Crypto payment companies like Strike, BitPay, and regulated exchanges like Coinbase and Kraken are among the first potential beneficiaries. of the ” skinny master accounts » proposed by Cynthia Lummis. These accounts would provide them with stable access to banking services, reducing transaction costs and accelerating institutional adoption. Stablecoins, such as USDC from Circle or USDP from Paxos, as well as Web3 startups in the fundraising phase, are also among the most affected by debanking.
For these crypto players, access to federal infrastructure could be a game-changer, strengthening their competitiveness against traditional banks. Finally, innovative crypto fintech projects, particularly those working on cross-border payments, could also benefit from this measure. A breakthrough that could position the United States as a leader in financial innovation.
THE ” skinny master accounts » could mark a turning point in the relationship between banks and the crypto industry. However, the success of Trump's crypto debanking will depend on political will and the cooperation of regulators. However, will this measure be enough to restore trust, or are deeper reforms needed to ensure a stable future for crypto?
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