The House Committee on Oversight and Government Reform announced on Feb. 28 that Chairman James Comer (R-KY) is investigating the Federal Deposit Insurance Corporation’s (FDIC) approach to cryptocurrency oversight under the Biden administration. Comer’s probe follows concerns raised by the FDIC’s acting chairman, who stated:

The agency’s efforts to monitor cryptocurrency under the Biden administration were rife with delays and often discouraged banks from pursuing crypto-related endeavors.

Reports indicate that certain businesses and individuals, including First Lady Melania Trump, may have been unfairly denied banking services due to their ties to cryptocurrency. Comer has requested unredacted FDIC documents to determine whether federal regulators pressured banks to distance themselves from the crypto sector.

Addressing the potential consequences of excessive regulatory control, Comer warned of the impact on both businesses and technological innovation. “The Committee is concerned that overreach by government regulators may have arbitrarily suppressed industries they deemed unfavorable, impacting business operations by preventing entities from accessing cash to fulfill payroll or driving technological and financial innovation overseas,” he stressed.

The congressman emphasized that restrictive policies could force blockchain and distributed ledger technology advancements out of the United States, ultimately weakening the country’s competitive edge in financial innovation.

Comer’s investigation aims to bring greater transparency to the FDIC’s role in shaping the financial industry’s approach to cryptocurrency. His inquiry stems from a Feb. 5 release of redacted records, which included key correspondence between the FDIC and financial institutions involved in digital assets. He highlighted:

64 of these documents include correspondence with the 24 banks that received ‘pause letters’ and 111 documents consist of FDIC correspondence and records pertaining to crypto-related activities of other regulated institutions.

By requesting full transparency, Comer seeks to uncover whether the FDIC’s regulatory approach was driven by political motivations or whether financial institutions independently chose to halt crypto-related services. His letter to the FDIC also builds on a broader investigation into the potential debanking of lawful businesses and individuals engaged in digital asset activities.

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