01/25/2023
VIP NEWS
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US Regulator 'Improperly' Pushing Banks to Avoid Serving Crypto Companies, Lawmaker Says
The Federal Deposit Insurance Corporation (FDIC) may be leaning on banks to prevent them from providing services to cryptocurrency companies, U.S. Sen. Pat Toomey (R-Pa.) said Tuesday, citing communications he had received.
In a letter directed to Acting FDIC Director Martin Gruenberg, Toomey wrote that he had heard from "affected parties" and whistleblower communications that claimed the federal bank regulator had tried to "deter banks from doing business with lawful cryptocurrency-related companies," even though providing services to these companies is not illegal. Toomey asked the regulator to confirm whether any FDIC official had indeed asked banks to not do business with crypto firms, and if so, to explain why.
