Republican Senator Pat Toomey asked FDIC Approve or deny cases of pressure on banks for working with cryptocurrency companies.

The letter was addressed to Martin Grunberg, the agency’s vice president. The senator noted that his office has received information from sources pointing to inappropriate actions by the regulator.

“According to the whistleblowers we have verified, FDIC personnel at Washington DC headquarters are making calls to their regional offices. [агентства] send letters to several banks asking them to refrain from expanding relationships with cryptocurrency-related entities without providing any legal basis,” the letter states.

Toomey added that sources think the FDIC’s actions are out of scope. Specifically, agency employees are allegedly proposing to “downgrade” a loan provided by the bank to an unnamed crypto company.

In the letter, the senator also noted the FDIC’s involvement in the US Department of Justice’s initiative, called Choke Point. During its implementation, Toomey said banks were pressured to prevent them from doing business with “legal but politically objectionable businesses.”

By August 30 at the latest, FDIC management should answer the following questions:

• whether the authorities really turned to their regional offices with a request to block banks from working with crypto companies;
• whether a similar event occurred on June 6, 2022;
• On what grounds the FDIC may require lenders to suspend or terminate relationships with industry participants.

In February, Grunberg said assessing digital assets and their associated risks is among the top priorities in the FDIC’s 2022 study.

Toomey co-sponsored a crypto-friendly change in the provisions of the bipartisan infrastructure plan.

Previously, he called for the adaptation of legislation to digital assets and criticized the approach. SEC to industry regulation.

Recall that in July, Tom Emmer, a member of the US House of Representatives, accused the Commission of an “unethical attitude” towards the crypto industry.

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