FDIC grilled on allegations of anti-crypto pressure on banks

By Elise Hansen (August 17, 2022, 5:08 p.m. EDT) – Whistleblower reports suggest the Federal Deposit Insurance Corporation may be discouraging banks from doing business with legal cryptocurrency-related companies, Senator Pat Toomey has told FDIC management in a recent letter.

Toomey, R-Pa., in a Tuesday, noted several alleged instances in which the FDIC allegedly asked banks not to expand their relationships with cryptocurrency companies, without providing a legal basis for their concern. Toomey told FDIC Director Martin Gruenberg he was concerned about the broader implications of banks limiting services to legal but unpopular businesses.

“Given the involvement of the FDIC under your direction in the Obama administration’s infamous Operation Choke Point, which was aimed…

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