US senators write to banking regulators about potential crypto discrimination

4 United States Republican senators led by Invoice Hagerty have written a letter to the heads of federal banking regulatory businesses, questioning the ideological motivation behind current regulatory strikes in regard to cryptocurrency. They in contrast the regulators’ insurance policies to the Obama administration’s Operation Choke Level.

The senators addressed Federal Reserve Board Chair Jerome Powell, Federal Deposit Insurance coverage Company (FDIC) Chair Marty Gruenberg and Workplace of the Comptroller of the Forex (OCC) Performing Comptroller Michael Hsu. The March 9 letter stated that their businesses, together with the White Home, have issued statements on heightened supervision which have resulted in unlucky penalties for the cryptocurrency sector, such because the closing of crypto companies’ financial institution accounts.

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