Biden Administration accused of using market chaos to destroy the crypto industryIn a statement made on Twitter, US Congressman Tom Emmer has accused the Biden Administration of “weaponizing market chaos to kill crypto.” To seek additional information from regulators, he sent an investigation letter to FDIC Chairman last week. However, this follows comments by Signature Bank Board Member Barney Frank alleging that regulators had sent a “strong anti-crypto message” with the sudden banking closures. Emmer is now further exploring this connection to the crypto industry.
Congressman Emmer accuses the Biden Administration of targeting cryptocurrency
Silicon Valley Bank and Signature Bank were two of the most significant banking failures since 2008’s financial crisis. In the face of this spreading unrest in the sector, three crypto-friendly banks have been closed by regulators. In addition, US Congressman Tom Emmer has voiced his concerns that the Biden Administration is “weaponizing market chaos to kill crypto,” adding that he has sent an investigative letter to FDIC Chairman Gruenberg demanding further information. His accusation has sparked an array of questions as to what the future holds for the cryptocurrency industry.
Yesterday, Rep. Emmer sent a letter to FDIC Chairman Gruenberg, expressing concern over the regulators’ use of recent instability in the banking sector to restrict crypto activity within the United States. Emmer stated that these actions, precipitated by government spending and interest rate hikes, could cause greater financial chaos. Unfortunately, as the situation unfolds, the crypto sector appears to be facing an uphill battle as some of its key banking partners, such as Silicon Valley Bank, Signature Bank, and Silvergate Bank, have closed their doors.
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