House Majority Whip Questions FDIC Over Crypto Banking “Purge”
House Majority Whip Tom Emmer has sent a letter to Federal Deposit Insurance Corporation Chairman Martin Gruenberg asking him to address rumours that the FDIC was pressuring the banking industry to stop providing services for the crypto industry. Emmer cited a joint statement by the Federal Reserve, FDIC, and OCC discouraging banks from holding or providing services to crypto companies on a “safety and soundness” basis given potential dangers around fraud and money laundering. Emmer called the regulatory strategy “lazy and destructive” and argued that it had “stagnated innovation” in the sector. The lawmaker indicated that the FDIC had until 24 May to respond to the questions outlined in his letter. Emmer has been a supporter of the crypto industry in Congress, criticising the SEC for its “power-hungry” approach to regulation and asking the Treasury Department for its motives behind its decision to ban privacy protocol Tornado Cash.
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