FameEX Hot Topics | Biden Administration Faces Accusations of Using Market Turmoil to Sabotage Crypto Industry

US Congressman Tom Emmer has accused the Biden Administration of "weaponizing market chaos to kill crypto" in a recent statement on Twitter. Emmer, who is a member of the US House of Representatives from Minnesota's 6th congressional district, has also sent an investigation letter to the Federal Deposit Insurance Corporation (FDIC) Chairman seeking additional information from regulators.The Congressman's comments follow allegations made by Signature Bank Board Member Barney Frank, who claimed that regulators had sent a "strong anti-crypto message" with the sudden banking closures. Emmer has now taken it upon himself to explore the connection between the banking closures and the crypto industry. He believes that the sudden closures of accounts held by cryptocurrency exchanges and businesses by major banks such as JPMorgan and Bank of America were part of a coordinated effort by regulators to undermine the growth of the crypto industry.

Emmer further claims that the Biden Administration is seeking to stifle competition from new and emerging technologies that could potentially disrupt the existing financial system. His letter to the FDIC Chairman seeks to uncover the reasons behind the banking closures and determine whether regulators are indeed taking a stance against crypto. He has also expressed his concern that regulators may be using market chaos, such as the recent volatility in the stock market, to further their anti-crypto agenda.The sudden banking closures have raised concerns among the crypto community, with many seeing it as an attempt by regulators to clamp down on the industry, which has been growing rapidly in recent years. The crypto industry is feeling the pressure from regulators, and Emmer's investigation is seen as a response to this pressure.

It is yet to be seen what the outcome of Emmer's investigation will be, but the industry will be watching closely to see what actions the government takes in the coming weeks and months. The Biden Administration has not responded to the accusations made by Emmer, but it is clear that the crypto industry is under scrutiny from regulators.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.