US Congressman Criticizes Biden Administration for Blocking Bank-Crypto Partnerships
Summary
- U.S. Congressman Dan Meuser criticized regulatory agencies under the Biden Administration for blocking collaboration between banks and crypto companies.
- Congressman Meuser revealed that regulatory agencies sent letters to banks implying sanctions if they continued partnerships with crypto companies.
- Such regulations hinder financial innovation and restrict consumer access to financial products.
There has been criticism that regulatory agencies under the Biden Administration abused their power by preventing banks from collaborating with crypto (cryptocurrency) companies.
According to CoinDesk on the 6th (local time), U.S. Congressman Dan Meuser stated at the House Financial Services Committee's Digital Assets Subcommittee hearing on 'Choke Point 2.0' crypto regulation that "regulatory agencies under the Biden Administration sent vague regulatory letters threatening banks with low ratings and fines if they continued partnerships with crypto companies."
He further criticized, "This is a serious abuse of power, undermining innovation and directly harming consumers by preventing access to new and beneficial financial products."
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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