US lawmaker says President Biden administration is weaponizing market chaos to kill crypto
US Rep. Tom Emmer has said the Biden administration is using market turmoil to kill cryptocurrencies.
Pro-Crypto Rep. Added He sent a letter to Federal Deposit Insurance Corporation (FDIC) Chairman Gruenberg asking for additional information on the regulator’s actions against crypto-friendly banks.
Emer Highlights Anti-Crypto Moves By Regulators
In an interview with Fox Business, Emmer argued that claims that cryptography was responsible for Signature Bank’s failure were false. According to Emmer, the head of New York’s financial services department confirmed that the decision had nothing to do with crypto.
A spokesperson for the financial regulator said:
“[Signature bank closure] It was based on the bank’s current situation and its ability to conduct business in a safe and sound manner. “
Emer, meanwhile, referred to comments from former U.S. Congressman Bernie Frank, an officer at a signing bank. Frank previously said regulators may have taken control of banks because of their interest in cryptocurrencies. The former lawmaker added that there was no threat of bankruptcy at the time the bank closed.
However, New York regulators rejected Frank’s claim states that it “has been responsible for promoting well-regulated cryptocurrency activity for several years.”
In addition to that, Rep. Procrypt emphasized Reuters report Buyers of undersigned banks must abandon their crypto businesses, the FDIC said. reportedly denied the report.
In addition, Emer said the Federal Reserve’s instant payment settlement system FedNow suggest You are competing with a private company. FedNow plans to go live in July, allowing banks to process payments within seconds of his 24/7 operation.
Pierre Rochard, vice president of research at bitcoin mining company Riot Platform, agrees with Emer’s view.rochard Said:
“The Fed appears to be abusing its regulatory mechanisms to engage in anti-competitive monopoly practices.”
