• Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA
Friday, February 3, 2023
WongaNews.com
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
WongaNews.com
No Result
View All Result

US Senator Reveals Bombshell Whistleblower Allegations Against FDIC And Crypto

August 18, 2022
in Crypto News
Reading Time: 3 mins read
A A
ShareShareShareShareShare

Related articles

Community mocks Charlie Munger for his obsession with China’s Bitcoin ban

February 2, 2023

Cosmos (ATOM), Helium (HNT) and Orbeon Protocol (ORBN)

February 2, 2023

Senator Pat Toomey revealed that the FDIC is strongarming banks against working with crypto companies. 

Covered:

  • Senator Pat Toomey And The FDIC
  • What This Means For Banks And Crypto

Senator Pat Toomey And The FDIC

US Senator Pat Toomey says his office has received complaints that the Federal Deposit Insurance Corporation (FDIC) is asking banks to curtail their involvement with crypto-related companies, despite the fact that the involvement is perfectly legal. As a result, Toomey sent correspondence to the acting chairman of FDIC Martin Gruenberg asking for the government agency to explain its stance on crypto.

“According to whistleblower communications that we have corroborated, personnel in the FDIC’s Washington, D.C., headquarters are urging FDIC regional offices to send letters to multiple banks requesting that they refrain from expanding relationships with crypto-related companies, without providing any legal basis for sending such letters,” Toomey wrote in the letter.

The FDIC is tasked with ensuring the stability of the banking system. They are funded by banks and in the event of closure, they protect American citizens’ bank accounts up to 250k USD.

The FDIC’s actions are raising alarms for the crypto-friendly senator. “Given the FDIC’s involvement under your leadership in the Obama administration’s notorious Operation Choke Point, which sought to coerce banks into denying services to legal yet politically disfavored businesses, it is important to better understand the actions the FDIC is now taking and the legal basis for them,” Toomey said.

What This Means For Banks And Crypto

Crypto is designed to combat things like Operation Choke Point. At least kind of. Ideally, crypto, which is supposed to be self-sovereign, allows for immutability. If someone is doing business that the government doesn’t like too bad, miners verify transactions not federally regulated banks.

The problem is, crypto is still very reliant on fiat. Most things are bought with fiat, not crypto. Not to mention, if you start putting your money into something the government doesn’t want you to, they can blacklist you at a snap of a finger, or get your transfers to a bank blocked.

The reality is the network isn’t strong enough to be self-sustaining, at least not yet. So, the FDIC doing what the whistleblowers are alleging they are is a pretty big deal. If they are coercing banks to stop working with crypto companies, that’s definitely not a good thing.

Forget for a minute that they are ignoring the work done by representatives of elected officials, ultimately it’s up to the banks to decide what they want to do. They don’t have to follow the FDIC’s guidance. Now thanks to Senator Toomey it’s even easier for them to continue business as usual.

Recommended: Apparently, Peter Schiff Blames Himself For Bank Closing

Credit: Source link

ShareTweetSendPinShare
Previous Post

Rich Dad Poor Dad’s Robert Kiyosaki Changes His Mind About Treasury Bonds — Says ‘Time to Open My Closed Mind’ – Economics Bitcoin News

Next Post

India Freezes Crypto Exchange Assets in Money Laundering Probe

Related Posts

Community mocks Charlie Munger for his obsession with China’s Bitcoin ban

February 2, 2023

  The cryptocurrency community has ridiculed well-known Bitcoin (BTC) critic Charlie Munger, vice chairman of Berkshire Hathaway, for calling the United...

Cosmos (ATOM), Helium (HNT) and Orbeon Protocol (ORBN)

February 2, 2023

Cryptocurrencies have put their bottom if recent gains are anything to go by. While the focus has been on Bitcoin...

IOTA used by industry giant to cut energy use and boost local economies in billion-$-market

February 2, 2023

IOTA-powered crypto wallet EnergieKnip ensures the anonymous collection of consumer data and effective distribution of token rewards. So Far, EnegieKnip...

SEC Under Scrutiny: Congress To Review Regulatory Overreach

February 2, 2023

For several months, the SEC has been under fire for its actions. It was unsuccessful in preventing the FTX from...

Bitcoin Soared to 5-Month High Above $24K Following Fed’s Interest Rate Hike (Market Watch)

February 2, 2023

Although BTC didn’t react at first to the US Fed interest rate spike, the asset went on a roll hours...

Load More
Next Post

India Freezes Crypto Exchange Assets in Money Laundering Probe

Leave a Reply Cancel reply

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

Recommended

Ripple partner joins forces with Visa to conquer billion-$-markets of Thailand and Australia – Report

January 28, 2023

Shiba Project Team Near To Launch Of “Shibarium Beta Network”

January 5, 2023

Bear Market Setbacks Have Left Bitcoin Miners Behind Their Gold Counterparts

February 2, 2023

About Us

Wonga News is an online news portal that aims to provide the latest crypto news, blockchain, regulations, and much more stuff like that around the world. We promise to share only high quality content from the world's best crypto sources. Feel free to get in touch with us!

What’s New Here!

  • Kraken closes Abu Dhabi office; Bithumb owner arrested
  • Defiance ETFs to Close NFTZ ETF After Just 13 Months
  • Bitcoin Price Heading Back Towards $24,000 – Did Wednesday’s Liquidity Grab Give It The Boost It Needed?

Newsletter

Loading
  • Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 WongaNews.com - All Rights Reserved!

No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading

© 2022 - WongaNews.com - All Rights Reserved!

  • bitcoinBitcoin(BTC)$23,582.00-2.33%
  • ethereumEthereum(ETH)$1,648.60-2.24%
  • USDEXUSDEX(USDEX)$1.07-0.47%
  • tetherTether(USDT)$1.00-0.19%
  • binancecoinBNB(BNB)$327.291.94%
  • usd-coinUSD Coin(USDC)$1.00-0.15%
  • rippleXRP(XRP)$0.412054-0.84%
  • binance-usdBinance USD(BUSD)$1.000.12%
  • cardanoCardano(ADA)$0.401672-0.23%
  • dogecoinDogecoin(DOGE)$0.091579-4.20%
  • matic-networkPolygon(MATIC)$1.19-3.58%
  • okbOKB(OKB)$39.68-1.13%
  • solanaSolana(SOL)$24.37-4.45%
  • staked-etherLido Staked Ether(STETH)$1,644.23-2.05%
  • polkadotPolkadot(DOT)$6.570.34%
  • shiba-inuShiba Inu(SHIB)$0.0000120.37%
  • litecoinLitecoin(LTC)$99.85-1.58%
  • avalanche-2Avalanche(AVAX)$21.28-0.99%
  • tronTRON(TRX)$0.0642880.84%
  • uniswapUniswap(UNI)$7.213.98%
  • daiDai(DAI)$1.000.07%
  • cosmosCosmos Hub(ATOM)$14.52-3.07%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$23,581.00-2.26%
  • ToncoinToncoin(TON)$2.38-1.44%
  • chainlinkChainlink(LINK)$7.14-2.01%
  • ethereum-classicEthereum Classic(ETC)$22.850.90%
  • moneroMonero(XMR)$173.87-3.14%
  • leo-tokenLEO Token(LEO)$3.370.19%
  • AptosAptos(APT)$16.91-7.76%
  • bitcoin-cashBitcoin Cash(BCH)$137.810.11%
  • Aerarium FiAerarium Fi(AERA)$7.12-13.06%
  • stellarStellar(XLM)$0.092257-0.89%
  • apecoinApeCoin(APE)$5.89-3.67%
  • quant-networkQuant(QNT)$145.27-2.98%
  • nearNEAR Protocol(NEAR)$2.44-1.13%
  • filecoinFilecoin(FIL)$5.50-3.64%
  • crypto-com-chainCronos(CRO)$0.080547-1.99%
  • lido-daoLido DAO(LDO)$2.24-4.24%
  • algorandAlgorand(ALGO)$0.2577060.43%
  • hedera-hashgraphHedera(HBAR)$0.068194-2.38%
  • vechainVeChain(VET)$0.024378-2.49%
  • fantomFantom(FTM)$0.613.66%
  • internet-computerInternet Computer(ICP)$5.81-4.87%
  • decentralandDecentraland(MANA)$0.78-2.66%
  • axie-infinityAxie Infinity(AXS)$11.22-2.24%
  • aaveAave(AAVE)$88.52-3.36%
  • the-sandboxThe Sandbox(SAND)$0.75-3.48%
  • eosEOS(EOS)$1.08-1.53%
  • flowFlow(FLOW)$1.12-1.66%
  • elrond-erd-2MultiversX(EGLD)$44.991.08%