US Representative Charges Biden Administration with “Weaponizing Market Chaos to Kill Crypto”

 

This move by Emmer is indicative of the growing tension between the crypto industry and the US government. With regulators cracking down on crypto-related activities and banks closing their doors to crypto businesses, many are wondering what the future holds for this burgeoning industry.

The impact of banking closures on the crypto industry

Silicon Valley Bank, Signature Bank, and Silvergate Bank were all considered to be friendly to the crypto industry, and their closures have sent shockwaves through the community. These banks had provided much-needed banking services to crypto businesses, which are often unable to access traditional banking services due to regulatory hurdles.

The closure of these banks has left many crypto businesses without access to banking services, making it difficult for them to operate. This has caused concern among investors, who fear that the closure of these banks may be a sign of a broader crackdown on the crypto industry.

Congressman Tom Emmer’s accusation of market manipulation

Congressman Tom Emmer has accused the Biden Administration of “weaponizing market chaos to kill crypto.” Emmer alleges that the closure of these banks is part of a broader effort to undermine the crypto industry.

Emmer has sent an investigative letter to the FDIC chairman, seeking additional information on the closures. He claims that regulators are using the recent instability in the banking sector to purge legal crypto activity in the US.

Emmer’s accusation of market manipulation is a serious one, and it highlights the growing tension between the crypto industry and the US government. Many in the crypto community feel that they are being unfairly targeted by regulators and that their industry is being stifled by excessive regulation.

The future of the crypto industry

The closure of crypto-friendly banks and the crackdown on crypto-related activities by regulators have left many in the industry wondering what the future holds. Some fear that the crypto industry will be forced underground, while others believe that it will continue to thrive despite regulatory hurdles.

One thing is clear: the crypto industry is here to stay. Its impact on the financial world is already significant, and it is poised to continue growing in the years to come. However, how the industry will navigate the regulatory landscape remains to be seen.

Conclusion

The closure of crypto-friendly banks and the crackdown on crypto-related activities by regulators has caused concern and outrage in the crypto community. Congressman Tom Emmer’s accusation of market manipulation by the Biden Administration highlights the growing tension between the crypto industry and the US government.

As the industry continues to grow and evolve, it will be important for regulators to strike a balance between protecting consumers and allowing for innovation and growth. The future of the crypto industry is uncertain, but one thing is clear: it is a force to be reckoned with in the financial world.