{"id":564260,"date":"2023-03-15T20:14:52","date_gmt":"2023-03-15T17:14:52","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/us-lawmaker-accuses-fdic-of-using-banking-instability-to-attack-crypto\/"},"modified":"2023-03-15T20:14:52","modified_gmt":"2023-03-15T17:14:52","slug":"us-lawmaker-accuses-fdic-of-using-banking-instability-to-attack-crypto","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/us-lawmaker-accuses-fdic-of-using-banking-instability-to-attack-crypto\/","title":{"rendered":"# US lawmaker accuses FDIC of using banking instability to attack crypto"},"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-6a262482c95a6\" 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-6a262482c95a6\" 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-lawmaker-accuses-fdic-of-using-banking-instability-to-attack-crypto\/#%E2%80%9D_US_lawmaker_accuses_FDIC_of_using_banking_instability_to_attack_crypto_%E2%80%9C\" >&#8221; US lawmaker accuses FDIC of using banking instability to attack crypto &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_US_lawmaker_accuses_FDIC_of_using_banking_instability_to_attack_crypto_%E2%80%9C\"><\/span>&#8221; US lawmaker accuses FDIC of using banking instability to attack crypto &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDMvMTQwMmJjZGMtYjFiNS00YTFiLWJkZDItZmQxNjIxMzExZDhlLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>Tom Emmer, the majority whip of the United States House of Representatives, has reiterated concerns that the federal government is \u201cweaponizing\u201d concerns around the banking industry to go after crypto.<\/p>\n<p>In a March 15 letter, Emmer <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/GOPMajorityWhip\/status\/1636008298481680384\">called<\/a> 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 \u201conerous\u201d 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 a \u201cstrong anti-crypto message\u201d rather than being based on concerns about the bank\u2019s solvency.<\/p>\n<p>\u201cThese actions to weaponize recent instability in the banking sector, catalyzed by catastrophic government spending and unprecedented interest rate hikes, are deeply in<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>ropriate and could lead to broader financial instability,\u201d said Emmer. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">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.  <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/fDmaA0XGWv\">pic.twitter.com\/fDmaA0XGWv<\/a><\/p>\n<p>\u2014 Tom Emmer (@GOPMajorityWhip) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/GOPMajorityWhip\/status\/1636008298481680384?ref_src=twsrc%5Etfw\">March 15, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>Emmer also targeted the administration of Joe Biden, accusing policymakers of attempting to \u201cchoke off digital assets\u201d from the U.S. financial system. The Minnesota representative made similar claims prior to the collapse of Silicon Valley Bank and Signature Bank, in addition to speculating the U.S. government could \u201ceasily weaponize\u201d a central bank digital currency as a surveillance tool.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Signature Bank and former executives sued by shareholders for alleged fraud<\/em><\/strong><\/p>\n<p>For many in the space, the recent banking crisis began with Silvergate\u2019s parent company announcing on March 8 that it would \u201cwind down operations\u201d for the crypto bank. Silicon Valley Bank followed on March 10 with its own failure after a run on deposits. USD Coin (USDC) issuer Circle reported $3.3 billion of its reserves in the bank, causing the stablecoin to temporarily depeg from the dollar. <\/p>\n<p>Some lawmakers and those in the space have suggested that the shutdown of Signature Bank could have been a targeted move by government officials against crypto, with Representative Frank reporting that \u201cthere was no insolvency based on the fundamentals\u201d at the time. The New York State Department of Financial Services reportedly said on March 14 that closing the bank had \u201cnothing to do with crypto,\u201d citing the firm\u2019s failure to provide \u201creliable and consistent data\u201d to the regulator.<\/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-lawmaker-accuses-fdic-of-using-banking-instability-to-attack-crypto\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; US lawmaker accuses FDIC of using banking instability to attack crypto &#8220; Tom Emmer, the majority whip of the United States House of Representatives, has reiterated concerns that the federal government is \u201cweaponizing\u201d concerns around the banking industry to go after crypto. In a March 15 letter, Emmer called on Federal Deposit Insurance Corporation&#8230;<\/p>\n","protected":false},"author":1,"featured_media":564261,"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\/1402bcdc-b1b5-4a1b-bdd2-fd1621311d8e.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[141254,71939,52214,70934,67874],"class_list":["post-564260","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-signature-bank","tag-banks","tag-congress","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/564260","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=564260"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/564260\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/564261"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=564260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=564260"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=564260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}