Congressman Emmer Blasts US for Using Market Chaos to Crush Crypto

With the shutdown of the pro-crypto banking firm Silvergate Bank, several experts have speculated that the US government is purposefully targeting the crypto sector.

On Thursday, Tom Emmer, a United States House member, said that the government headed by Joe Biden looks to be “weaponizing market instability to destroy crypto.” Consequently, he decided to investigate the matter further by writing an investigation letter to the Chairman of the Federal Deposit Insurance Corporation (FDIC).

Emmer exposes Silvergate’s anti-crypto stance

In an interview with Fox Business News, Emmer cited two sources who reported that any company buying Silvergate Bank must sign an undertaking prohibiting it from facilitating cryptocurrency transactions. Emmer made this statement after he was asked about the possibility of a company buying Silvergate Bank.

Additionally, Congressman Emmer supported his position by referring to a recent decision by the Federal Reserve (FED) to introduce a new immediate payment system known as FedNow. Emmer said the government intended to compete with private firms, particularly in the cryptocurrency industry.

Pierre Rochard, vice president of research at Riot Platforms, observed that “the FED is exploiting regulatory authorities to engage in anti-competitive monopolist activity.”

On March 13, Messari’s founder Ryan Selkis argued that the NYDFS had acted out of line by shutting down Signature Bank, which he claimed was still solvent despite the $12 billion bank run. Selkis’ remarks contradict the NYDFS’ position, which denies any relationship between the bank’s closure and cryptocurrencies.

US Govt’s crackdown on crypto could cripple Web3 future

Blockchain lawyer John Deaton warned that the United States would lose out on the Web3 revolution due to the government’s effort to restrict cryptocurrency.

The crypto lawyer insisted that cryptocurrencies are here to stay, and the United States runs the danger of slipping behind in the race to lead the revolution in cryptocurrency.

All trademarks, logos, and images displayed on this site belong to their respective owners and have been utilized under the Fair Use Act. The materials on this site should not be interpreted as financial advice. When we incorporate content from other sites, we ensure each author receives proper attribution by providing a link to the original content. This site might maintain financial affiliations with a selection of the brands and firms mentioned herein. As a result, we may receive compensation if our readers opt to click on these links within our content and subsequently register for the products or services on offer. However, we neither represent nor endorse these services, brands, or companies. Therefore, any disputes that may arise with the mentioned brands or companies need to be directly addressed with the respective parties involved. We urge our readers to exercise their own judgement when clicking on links within our content and ultimately signing up for any products or services. The responsibility lies solely with them. Please read our full disclaimer and terms of use policy here.

Leave a Reply

Your email address will not be published. Required fields are marked *