US Congressman Tom Emmer has made a statement on Twitter accusing the Biden Administration of “weaponizing market chaos to kill crypto”. This comes as Emmer sends an investigation letter to the FDIC Chairman, seeking additional information from regulators. The Congressman's comments follow those of Signature Bank Board Member Barney Frank, who had previously alleged that regulators had sent a “strong anti-crypto message” with the sudden banking closures.
Emmer has now taken it upon himself to explore the connection between the sudden banking closures and the crypto industry. In his statement, he expressed concern that the closures were part of a coordinated effort by regulators to undermine the growth of the crypto industry. He believes that the Biden Administration is seeking to stifle competition from new and emerging technologies, which could potentially disrupt the existing financial system.
The sudden closures of accounts held by cryptocurrency exchanges and businesses by major banks such as JPMorgan and Bank of America have raised concerns among the crypto community. Many see this as an attempt by regulators to clamp down on the crypto industry, which has been growing rapidly in recent years.
Emmer's letter to the FDIC Chairman seeks to uncover the reasons behind the banking closures and determine whether regulators are indeed taking a stance against crypto. He has also expressed his concern that regulators may be using market chaos, such as the recent volatility in the stock market, to further their anti-crypto agenda.It remains to be seen what the outcome of Emmer's investigation will be, but it is clear that the crypto industry is feeling the pressure from regulators. The Biden Administration has yet to respond to the accusations, but the industry will be watching closely to see what actions the government takes in the coming weeks and months.
Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.