Senators say regulators are 'de-banking' the crypto sector in America crypto bank Silvergate
- Amid the worst banking crisis since 2008, four Republicans in the U.S. Senate, led by Senator Bill Hagerty , have written a letter to the heads of several federal banking regulatory agencies asking them to explain the coordinated effort to crack down on crypto-related banking providers in recent months.
The result of an investigation into Operation Choke Point found that businesses were illegally targeted by government officials, and the FDIC was forced to take steps to clarify that banks are allowed to provide services to legal businesses and provide enhanced training to its examiners. They likened attempts to cut off the crypto industry from banking because of the actions of a few bad actors to cutting off access to other asset managers because the Bernie Madoff fraud occurred.
“Any industry could be potentially “disfavored,” based on a given regulator’s ideological perspective,” they wrote. “Banks have a mission of protecting safety and soundness, not selecting winners and losers based on the partisan or ideological whim of a regulator.”
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