WASHINGTON—Rep. Tom Emmer (R-MN) has sent a letter to the chairman of the FDIC questioning whether the agency directed banks not to provide services to digital currency businesses, according to a new report.
“Recent reports indicate that federal financial regulators have effectively weaponized their authorities over the last several months to purge legal digital asset entities and opportunities from the United States,” Emmer’s letter reads, Bitcoin.com reported.
Emmer stated in the letter that individuals from across the industry, including former House Financial Services Committee Chairman Barney Frank, have highlighted the targeted nature of these regulatory efforts to “single out” financial institutions and “send a message to get people away from crypto,” Bitcoin.com said.
Other Queries
According to the report, Emmer has been querying other U.S. lawmakers and agencies about their actions against crypto businesses, including questioning SEC Chair Gary Gensler about actions taken during the arrest of FTX’s co-founder, Sam Bankman-Fried.
Emmer has also introduced legislation that would prohibit the U.S. central bank from issuing a central bank digital currency directly to anyone, Bitcoin.com noted.