U.S. Congressmen French Hill, Patrick McHenry and Bill Huizenga sent the Federal Deposit and Insurance Commission (FDIC) a joint letter on April 25 requesting information about regulatory efforts to deny banking services to the crypto industry.
The Republican lawmakers have set a May 9 deadline for the regulator to provide all requested information.
‘Disfavored industries’
The lawmakers said in the letter addressed to FDIC chairman Martin J. Gruenberg that regulators have previously pressured financial institutions under their supervisory purview to cease providing banking services for “politically disfavored industries” under the Obama administration.
Federal prudential regulators including the FDIC, the OCC and the Federal Reserve targeted companies in these industries — like gambling and tobacco — on the basis of “reputational risk” that was defined arbitrarily.
Banks would stop providing services to companies based on direct guidance from the watchdogs and did not
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