{"id":562072,"date":"2023-03-10T21:30:00","date_gmt":"2023-03-10T18:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/us-senators-write-to-banking-regulators-about-potential-crypto-discrimination\/"},"modified":"2023-03-10T21:30:00","modified_gmt":"2023-03-10T18:30:00","slug":"us-senators-write-to-banking-regulators-about-potential-crypto-discrimination","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/us-senators-write-to-banking-regulators-about-potential-crypto-discrimination\/","title":{"rendered":"# US senators write to banking regulators about potential crypto discrimination"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2896f41eea7\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2896f41eea7\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/us-senators-write-to-banking-regulators-about-potential-crypto-discrimination\/#%E2%80%9D_US_senators_write_to_banking_regulators_about_potential_crypto_discrimination_%E2%80%9C\" >&#8221; US senators write to banking regulators about potential crypto discrimination &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_US_senators_write_to_banking_regulators_about_potential_crypto_discrimination_%E2%80%9C\"><\/span>&#8221; US senators write to banking regulators about potential crypto discrimination &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDMvZjM4NzE3MzktNWQyNS00Mzg2LWFlZTEtNDcxYTY0NzUwMzNhLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>Four United States Republican senators lead by Bill Hagerty have written a letter to the heads of federal banking regulatory agencies questioning the ideological motivation behind recent regulatory moves in regard to cryptocurrency. They compared the regulators\u2019 policies to the Obama administration\u2019s Operation Choke Point.<\/p>\n<p>The senators <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.hagerty.senate.gov\/wp-content\/uploads\/2023\/03\/Hagerty-Chokepoint-Letter-FINAL.pdf\">addressed<\/a> Federal Reserve Board chair Jerome Powell, Federal Deposit Insurance Corporation (FDIC) chair Marty Gruenberg, and Office of the Comptroller of the Currency (OCC) acting comptroller Michael Hsu. The March 9 letter said that their agencies, along with the White House, have issued statements on heightened supervision that have resulted in unfortunate consequences for the cryptocurrency sector, such as the closing of crypto firms\u2019 bank accounts. <\/p>\n<p>The senators were referring to the joint statement released by those agencies on January 3 that said in part, \u201cIssuing or holding as principal crypto-assets [\u2026] is highly likely to be inconsistent with safe and sound banking practices.\u201d In addition, they pointed to a February Fed policy statement that <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.federalregister.gov\/documents\/2023\/02\/07\/2023-02192\/policy-statement-on-section-913-of-the-federal-reserve-act\">said<\/a>, making specific reference to crypto, that \u201clegal permissibility is a necessary, but not sufficient, condition\u201d for banking activity, and the Biden administration\u2019s January \u201croad map\u201d that called for agencies to \u201cramp up enforcement.\u201d<\/p>\n<p>\u201cThis coordinated behavior seems disturbingly reminiscent of Operation Choke Point,\u201d the senators wrote. In that operation \u201cfederal regulators <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lied pressure on financial institutions to cut off financial services to certain licensed, legally operating industries simply because certain regulators and policymakers disfavored those industries.\u201d They added:<\/p>\n<blockquote><p>\u201cWe are especially worried that overreaching behavior by the banking regulators will inevitably bleed into other legal industries.\u201d <\/p><\/blockquote>\n<p>The senators posed a number of questions to the regulators. They asked how their increased supervision will help consumers, whether it is possible for banks to provide services to crypto firms at all under the updated guidance and whether the agencies plan to release similar guidance for other industries.<\/p>\n<p><strong><em>Related: Banks under pressure from U.S. authorities to cut ties with crypto firms<\/em><\/strong><\/p>\n<p>With their letter, the senators are joining a conversation in the crypto community concerning the voluntary liquidation of Silvergate Bank. That talk may\u00a0heat up with the FDIC\u2019s closing of Silicon Valley Bank.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Powell Hearing Today: US Senator Bill Hagerty said he will discuss cryptocurrencies along with the Fed\u2019s interest rate plans at the hearing on The Semiannual Monetary Policy Report to the Congress. Federal Reserve Chairman Jerome H. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/xazQSFtK3p\">pic.twitter.com\/xazQSFtK3p<\/a><\/p>\n<p>\u2014 HappyMiner (@happyminerUS) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/happyminerUS\/status\/1632779432833482752?ref_src=twsrc%5Etfw\">March 6, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Sens. Mike Crapo, Thom Tillis and Steve Daines were coauthors of the letter. Hagerty introduced the Digital Trading Clarity Act in the Senate in October. That act would  provide a safe harbor for cryptocurrency exchanges from some Securities and Exchange Commission (SEC) enforcement actions.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/us-senators-write-to-banking-regulators-about-potential-crypto-discrimination\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; US senators write to banking regulators about potential crypto discrimination &#8220; Four United States Republican senators lead by Bill Hagerty have written a letter to the heads of federal banking regulatory agencies questioning the ideological motivation behind recent regulatory moves in regard to cryptocurrency. They compared the regulators\u2019 policies to the Obama administration\u2019s Operation&#8230;<\/p>\n","protected":false},"author":1,"featured_media":562073,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/f3871739-5d25-4386-aee1-471a6475033a.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74888,74863,52214,70934],"class_list":["post-562072","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-banking","tag-cryptocurrencies","tag-congress","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/562072","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=562072"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/562072\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/562073"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=562072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=562072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=562072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}