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Congressman Tom Emmer has spoken out on the Biden-led administration’s alleged approach of “weaponizing market chaos to kill crypto.” In response, he sent an investigative letter to the Federal Deposit Insurance Corporation (FDIC) Chairman.
This was in addition to the Federal Reserve’s (FED) launch of a new instant payment system, FedNow. Other sources have further noted that any company buying Silvergate Bank had to sign an undertaking banning them from facilitating crypto-based transactions. Moreover, blockchain lawyer John Deaton warned that this intent could lead to the country missing out on Web3 developments. Clearly, such attempts by the US government to stymie crypto may cause its own citizens to miss out on a revolutionary advancement in finance.
In a statement on Twitter, Tom Emmer, US Congressman, condemned the Biden Administration for allegedly using market chaos as a tool to damage crypto. He has since sent an investigative letter to the chairman of the FDIC in order to gain more knowledge about the shuttering of Signature Bank and how it relates to the crypto industry. Former board member Barney Frank stated that regulators were sending a clear anti-crypto signal with those particular closings.
At CoinDesk, CDC founder and President Perianne Boring explained how people can contribute to Rep. Emmer’s political campaign using eight cryptocurrencies, such as Bitcoin and Gemini’s U.S. dollar stablecoin, that are supported by BitPay. Boring further stated that unlike other politicians who have accepted crypto donations in the past, Rep. Emmer has made an effort to engage with the cryptocurrency community by hosting a crypto town hall event featuring some of the industry’s most prominent leaders. This celebration was regarded as a recognition of innovators in the space and enabled Rep. Emmer to include more people in the political process – particularly younger people who use cutting-edge technologies.
As the developments continue to unfold, it does appear as though the crypto sector is under attack. Through the collapse of Silicon Valley Bank, Signature Bank, and Silvergate Bank, the industry has seen its banking options lessen. Conversely, how the situation continues to play out will be immensely interesting for the near future of the industry.
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For his campaign, Minnesota’s Rep. Tom Emmer will accept cryptocurrency donations.
The National Republican Congressional Committee’s (NRCC) chairman, who is also a member of the Congressional Blockchain Caucus, revealed to CoinDesk that BitPay will handle all payments as he opened his first bitcoin town hall on Thursday.
The town hall, which was scheduled in partnership with the Chamber of Digital Commerce PAC, was intended to honor pioneers in the crypto business and to entice informed voters to engage in political discussion.
Rep. Tom Emmer, the majority whip in the U.S. House of Representatives, is speculating about whether the Federal Deposit Insurance Corporation (FDIC) has used its power to “purge legitimate digital asset entities and opportunities from the United States.”
Emmer accused the FDIC of trying to kill cryptocurrency in a letter he addressed to FDIC Chairman Martin Gruenberg on Wednesday. Emmer cited recent measures by the organization.
Emmer questioned the FDIC about whether it had urged banks not to offer banking services to cryptocurrency startups or whether it had implied or expressly warned banks that they would be subject to stricter regulation if they took on new crypto clients. In order to help financial organizations manage the risk of rising rates, Emmer also sought to know what advice the FDIC gave to such institutions.
If so, Emmer wrote, “then these actions to weaponize recent instability in the banking sector—catalyzed by catastrophic government spending and unprecedented interest rate hikes—are deeply inappropriate and could lead to broader financial instability.” Emmer was quoting remarks made recently by former congressman Barney Franks, a co-author of the Dodd-Frank Act.
