On Wednesday, Tom Emmer, the U.S. Republican congressman from Minnesota, revealed he sent a letter to Martin Gruenberg, the chairman of the Federal Deposit Insurance Corporation (FDIC), regarding reports that the FDIC is “weaponizing recent instability” in the U.S. banking industry to “purge legal crypto activity” from the United States. Specifically, Emmer asked Gruenberg if the FDIC instructed banks not to provide banking services to cryptocurrency firms.
GOP Majority Whip Emmer Questions FDIC’s Involvement in Purging Legal Crypto Activity
Tom Emmer, a Republican politician from Minnesota, sent a letter to the chairman of the FDIC questioning whether the agency directed banks not to provide services to digital currency businesses. “Recent reports indicate that federal financial regulators have effectively weaponized their authorities over the last several months to purge legal digital asset entities and opportunities from the United States,” Emmer’s letter read.
The Minnesota congressman added:
Individuals from across the industry, including former House Financial Services Committee chairman Barney Frank highlighted the targeted nature of these regulatory efforts to ‘single out’ financial institutions and…
