{"id":18819,"date":"2023-03-16T22:10:50","date_gmt":"2023-03-16T22:10:50","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/republican-congressman-tom-emmer-queries-fdic-on-alleged-efforts-to-purge-crypto-activity-from-us-bitcoin-news\/"},"modified":"2023-03-16T22:10:50","modified_gmt":"2023-03-16T22:10:50","slug":"republican-congressman-tom-emmer-queries-fdic-on-alleged-efforts-to-purge-crypto-activity-from-us-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/republican-congressman-tom-emmer-queries-fdic-on-alleged-efforts-to-purge-crypto-activity-from-us-bitcoin-news\/","title":{"rendered":"Republican Congressman Tom Emmer Queries FDIC on Alleged Efforts to Purge Crypto Activity from US \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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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 \u201cweaponizing recent instability\u201d in the U.S. banking industry to \u201cpurge legal crypto activity\u201d from the United States. Specifically, Emmer asked Gruenberg if the FDIC instructed banks not to provide banking services to cryptocurrency firms.<\/strong><\/p>\n

GOP Majority Whip Emmer Questions FDIC\u2019s Involvement in Purging Legal Crypto Activity<\/h2>\n

Tom Emmer<\/a>, a Republican politician from Minnesota, sent a letter<\/a> to the chairman of the FDIC questioning whether the agency directed banks not to provide services to digital currency businesses. \u201cRecent 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,\u201d Emmer\u2019s letter read.<\/p>\n

The Minnesota congressman added:<\/p>\n

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Individuals from across the industry, including former House Financial Services Committee chairman Barney Frank highlighted the targeted nature of these regulatory efforts to \u2018single out\u2019 financial institutions and \u2018send a message to get people away from crypto.\u2019<\/p>\n<\/blockquote>\n

Emmer has been querying other U.S. lawmakers and agencies about their actions against crypto businesses, including questioning<\/a> Securities and Exchange Commission (SEC) chair Gary Gensler about actions taken during the arrest of FTX\u2019s disgraced co-founder, Sam Bankman-Fried. The politician has also introduced legislation<\/a> that would prohibit the U.S. central bank \u201cfrom issuing a [central bank digital currency] directly to anyone.\u201d<\/p>\n

Emmer\u2019s comments about former lawmaker Barney Frank stem from the Signature Bank board member\u2019s commentary<\/a> about being surprised by Signature\u2019s collapse. Frank said he suspected there was an \u201canti-crypto message\u201d behind the bank\u2019s demise. The New York State Department of Financial Services disagrees and explained<\/a> that placing Signature into receivership of the FDIC had \u201cnothing to do with crypto.\u201d<\/p>\n

Despite the regulator\u2019s denial of such accusations, Emmer\u2019s letter to the FDIC\u2019s Gruenberg implicitly asks the chairman whether the FDIC specifically directed banks not to provide banking services to cryptocurrency firms.<\/p>\n

\u201dHave you communicated \u2014 explicitly or implicitly \u2014 to any banks that their supervision will be more onerous in any way if they take on new (or maintain existing) digital asset clients,\u201d the politician asked. Emmer is insisting that Gruenberg provide the information as soon as possible and no later than 5:00 p.m. on March 24, 2023.<\/p>\n

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anti-crypto message<\/a>, banking services<\/a>, Barney Frank<\/a>, central bank digital currency<\/a>, co-founder<\/a>, collapse<\/a>, Crypto activity<\/a>, crypto businesses<\/a>, Cryptocurrency<\/a>, deposit insurance corporation<\/a>, Digital Assets<\/a>, Digital Currencies<\/a>, FDIC<\/a>, Financial Institutions<\/a>, Financial Technology<\/a>, ftx<\/a>, Gary Gensler<\/a>, GOP<\/a>, GOP Majority Whip<\/a>, government oversight<\/a>, Gruenberg<\/a>, legal entities<\/a>, purging<\/a>, receivership<\/a>, Regulatory Compliance<\/a>, regulatory efforts<\/a>, Republican lawmakers<\/a>, SEC<\/a>, Signature Bank<\/a>, Targeted<\/a>, tom emmer<\/a>, U.S. banking industry<\/a>, U.S. Central Bank<\/a>, U.S. financial regulators<\/a>, U.S. lawmakers<\/a><\/div>\n<\/div>\n

What are your thoughts on the regulation of cryptocurrency in the United States and the potential impact it could have on the future of the industry? Do you believe that regulators are unfairly targeting crypto businesses? Share your opinions in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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