The Majority Whip of the House has questioned the FDIC’s “purge” of cryptocurrency banks


Tom Emmer has heard about Operation Choke Point 2.0, which does not sound appealing.

Today, House Majority Whip Tom Emmer (R-MN) sent a letter to Federal Deposit Insurance Corporation Chairman Martin Gruenberg requesting an explanation for rumors that the FDIC and other federal entities have been pressuring the banking sector to cease providing services to the cryptocurrency industry.

The Administration’s efforts to restrict the use of digital assets inside the United States financial system are “a poor and harmful regulatory policy” that is “stagnating innovation” and “subjecting American users of digital assets to less competent regulatory jurisdictions,” as Emmer put it.

The congressman then asked directly if the FDIC had told banks not to give services to crypto businesses and whether the regulator had threatened banks with extra “onerous” oversight if they did not comply. The FDIC has until May 24 to respond.

During the last year, Tom Emmer has distinguished himself as one of crypto’s staunchest advocates in Congress. In July 2022, Emmer criticized the SEC for its “power-hungry” attitude to crypto regulation; he also submitted a letter questioning the Treasury’s motivations for banning Tornado Cash’s privacy protocol.

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