Republican Congressman Tom Emmer Questions FDIC Over Alleged Efforts To Remove Crypto Activities From US –
On Wednesday, Tom Emmer, the Republican US Congressman from Minnesota, announced that he had sent a letter to Martin Gruenberg, Chairman of the Federal Deposit Insurance Corporation (FDIC), regarding reports that the FDIC was “recent instability.” “fighted” in the US banking industry. to remove “legal crypto activity” from the United States. Specifically, Emmer Gruenberg asked if the FDIC had directed banks not to provide banking services to cryptocurrency firms.
GOP Majority Whip Emmer Questions FDIC’s Involvement in Purging Legitimate Crypto Activities
Tom Emmera Republican politician from Minnesota, sent a letter to the chair of the FDIC, who asks if the agency has directed banks not to offer services to digital currency businesses. “Recent reports indicate that federal financial regulators have effectively armed their agencies in recent months to remove legitimate businesses and digital asset opportunities from the United States,” Emmer’s letter said.
The Minnesota congressman added:
People from across the industry, including former House Financial Services Committee Chairman Barney Frank, emphasized the targeted nature of these regulatory efforts to “pick out” financial institutions and “send a message to steer people away from crypto.”
Emmer has questioned other U.S. lawmakers and regulators about their actions against crypto companies, including survey Securities and Exchange Commission (SEC) Chairman Gary Gensler on actions taken during the arrest of disgraced FTX co-founder Sam Bankman-Fried. The politician has also introduced legislation that would ban the Federal Reserve from “a [central bank digital currency] directly to everyone.”
Emmer’s comments about former lawmaker Barney Frank stem from the Signature Bank board member’s comment that he was surprised by Signature’s collapse. Frank said he suspects an “anti-crypto message” was behind the bank’s demise. The New York State Department of Financial Services disagrees, stating that placing Signature in FDIC receivership “has nothing to do with crypto.”
Despite the regulator’s denial of such allegations, Emmer’s letter to the FDIC’s Gruenberg implicitly asks the chairman whether the FDIC has specifically directed banks not to provide banking services to cryptocurrency firms.
“Have you communicated – explicitly or implicitly – to the banks that their supervision becomes somehow more onerous when they take on new customers for digital assets (or keep existing ones)?” asked the politician. Emmer insists that Grünberg provide the information as soon as possible and no later than March 24, 2023 at 17:00.
What do you think about the regulation of cryptocurrency in the United States and the potential impact it could have on the future of the industry? Do you think regulators are unfairly targeting crypto companies? Share your thoughts in the comment section below.
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Source: Crypto News Deutsch
