US Senator Cynthia Lummis has slammed JPMorgan for its anti-crypto policies, further reiterating her pro-crypto stance. “Policies like JP Morgan’s undermine confidence in traditional banks and send the digital asset industry overseas,” Lummis said Monday. “It’s past time we put Operation Chokepoint 2.0 to rest to make America the digital asset capital of the world.
Operation Choke Point was an initiative of the United States Department of Justice beginning in 2013 that investigated banks in the United States, looking to sever ties with the digital assets industry. In the last year, the crypto industry has blown up in popularity both on a federal and state level. Under the Trump administration, cryptocurrency has garnered more attention and is quickly becoming a part of traditional finance. Senators like Cynthia Lummis have also been pushing for crypto’s inclusion in finance for years.
Earlier this year, Senator Lummis was named the chair of the Senate Banking Subcommittee on Digital Assets. She has pushed forward several crypto-based legislations to make the sector less strictly regulated. Most notably, she is one of the biggest supporters of establishing a US Bitcoin reserve through the treasury.
Furthermore, JPMorgan has slowly changed its tune on crypto, even launching its own stablecoin digital asset this year. However, it is still far from a pro-crypto investment firm and asset manager, something Cynthia Lummis hopes will soon change.