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Ark Invest’s Cathie Wood says U.S. financial regulators are using crypto as a scapegoat for their own mistakes in oversight of the country’s banking system. Wood says the regulators’ attack on crypto could have dire consequences for the nation.
On March 15, Congressman Tom Emmer sent a letter to Martin Gruenberg, the Chairman of the U.S. federal deposit insurance commission (FDIC).
The letter was aimed at finding out whether the regulator instructed traditional banks under its purview to desist from servicing crypto-related businesses, among other measures aimed at stifling crypto innovation, as alleged by recent reports.
While the house majority whip’s efforts to foster amenable crypto regulation in the U.S. have been applauded by web3 proponents, some have argued that congress may not have the power to tackle the regulators’ onslaught on crypto.
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