In 2021, only 2 US senators had crypto assets in their wallets. One of them is Pat Toomey, whose name is not unknown to bitcoiners. The reason ? He often raises his voice against the more or less repressive policies carried out by American regulators. Lately, he pointed the finger at the FDIC for reasons of pressure on banks accepting cryptocurrency services.
The FDIC’s “false” deterrents
In September 2021, US Senator Patrick Joseph Toomey openly displayed his dissatisfaction with the SEC boss’s attitude towards cryptocurrencies. At that time, the SEC intended to put all digital assets under the category of “securities”.
Now it’s the turn of the Federal Deposit Insurance Corp. (FDIC) to be arrested by Toomey. Because the latter would have been informed by whistleblowers of a certain form of pressure applied by this regulatory authority on the banks.
Rumors are circulating that the FDIC has ordered them to stop providing crypto services. Or they stop dealing with cryptocurrency companies.
Mr. Toomey therefore sent a letter to Martin Gruenberg, Acting Chairman of the FDIC, stating that:
” Given the involvement of the FDIC, under this direction, in the notorious choke point operation of the Obama administration, which sought to compel banks to deny services to legal but politically disadvantaged businesses, it is important to better understand the actions the FDIC is now taking and their legal basis. »
What about the regulator’s responses?
To Senator Toomey’s allegations, the FDIC responded as follows:
” The FDIC acts in accordance with longstanding legal authorities to ensure that banks that engage in crypto-related activities do so in a safe and sound manner that protects consumers. This may involve the FDIC asking an institution to delay the launch or refrain from expanding its cryptocurrency-related business until feedback from supervisors is addressed. Given the easily perceptible risks in the crypto-asset markets, these measures seem necessary and appropriate. »
Also, it is worth mentioning the existence of an open letter sent to all banks or institutions supervised by the FDIC. In it, she asked them to contact her before any engagement in “ an activity related to cryptocurrencies “. Just to have the insurance and to check the solidity of the project in question.
Therefore, one wonders if the Federal Deposit Insurance Corp. really plays the role of regulator or will go so far as to contradict the policy of openness already initiated by the FED. This is where we really need real regulations and legal bases in order to avoid any form of arbitrary oppression on everything that affects crypto services in the United States as in other parts of the Globe.
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