A call about cryptocurrencies came from 4 republican senators of the USA.
As the regulatory pressure on the crypto money industry increased, a statement came from the senators. 4 Republican senators share the view that banks should not penalize cryptocurrencies.
Senators Worried About Increasing Pressure on Cryptocurrencies
In a letter to US regulators, four republican senators said that an increased regulatory pressure on banks serving the crypto industry could be “punishing the entire industry.”
In the letter sent by the senators, it is thought that discouraging the crypto industry may exceed the authority of the regulators. It was learned that this situation was similar to the “Operation Choking Point” in 2013, in which the Ministry of Justice investigated banks doing business with legal arms dealers. Concerns were also written in the letter in general terms.
Federal Reserve Chairman Jerome Powell used the following statements in a letter addressed to Michael Hsu, Acting Currency Controller, and Marty Gruenberg, Chairman of the Federal Deposit Insurance Company:
“We are particularly concerned that the overly comprehensive behavior of banking regulators will inevitably seep into other legal sectors. Any sector could potentially be ‘overlooked’ from the ideological perspective of a particular regulator.”
Four republican senators expect a response to their letter by the 24th of this month.
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