Tom Emmer Martin Gruenberg Barney Frank Usa county Banks state Minnesota United States regulation Congress Signature Bank Tom Emmer Martin Gruenberg Barney Frank Usa county Banks state Minnesota United States

US lawmaker accuses FDIC of using banking instability to attack crypto

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Tom Emmer, Majority Whip of the United States House of Representatives, has reiterated concerns that the federal government is “weaponizing” concerns around the banking industry to go after crypto.In a March 15 letter, Emmer called on Federal Deposit Insurance Corporation chair Martin Gruenberg to answer questions as to whether the government corporation has specifically instructed banks not to provide services to crypto firms, or suggested doing so may be an “onerous” task.

The Minnesota Representative cited claims from Signature Bank board member and former U.S. Representative Barney Frank, who reportedly called the FDIC moving against Signature as a “strong anti-crypto message” rather than based on concerns about the bank’s solvency.“These actions to weaponize recent instability in the banking sector, catalyzed by catastrophic government spending and unprecedented interest rate hikes, are deeply inappropriate and could lead to broader financial instability,” said Emmer.

Today, I sent a letter to FDIC Chairman Gruenberg regarding reports that the FDIC is weaponizing recent instability in the banking sector to purge legal crypto activity from the U.S. also targeted the Biden administration, accusing policymakers of attempting to “choke off digital assets” from the U.S.

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