Senator Pat Toomey: "FDIC interferes with the banking of crypto companies"

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U.S. Republican Congressman Pattoomey, having studied the recommendations sent by the FDIC to credit institutions, said that the regulatorputs pressure on banks.

U.S. Senator Pat Toomey sent a letter to the acting director of the Federal Deposit Insurance Corporation (FDIC), Martin Gruenberg.The letter states that the FDIC may be pressuring banks to prevent them from providing services to cryptocurrency companies. 

"Interested parties" provided Toomey with supporting documents that the federal banking regulatorHe tried to "keep banks from doing business with licensed crypto companies," although the provision of services to these companies is allowed by law.In the letter, Toomey calls on the regulator to confirm whether the FDIC has indeed recommended that banks not serve crypto companies, and if so, why.

"According to the reports we have reviewed, staff at FDIC headquarters in Washington, D.C., are calling forFDIC regional offices to send letters to several banks asking them to refrain fromexpanding relationships with cryptocurrency-related companies without providing any legal basis for doing so.As I understand it, in one or more of these cases, the bank planned to provide customers with access to the cryptocurrency company's trading platform through the bank's mobile app or internet banking app," Toomey wrote.

In his letter, he refers to "Choke Point," an initiative by the FDIC and the U.S. Department of Justice to pressure banks not to provide services to lenders accused of financial fraud and working with gun dealers.The senator suggests that the FDIC has recommended "downgrading" the classification of credit provided by the bank to crypto companies.

Recall that in April, the FDIC sent letters to almost 5,000 banks, expressing concern about the growing popularity of digital assets.