The current industry campaign against the debanking of companies and cryptographic leaders has obtained a legislative thrust of a high -level American senator, Tim Scott, who defends a bill that would reduce the capacity of federal banking regulators to use the “risk of reputation” as a reason to keep the banks away from customers.
This practice had been cited by the Republicans as a problem in the recent hearings of the Congress, which examined how the companies of digital assets had been systematically cut off from American banking relations because of the perceptions according to which regulators – including the Federal Reserve, Federal Deposit Insurance Corp. And the currency controller office – didn’t want it there.
As president of the Senate Banking Committee, Tim Scott de Caroline du Sud brought together her republican colleagues on this panel to support the bill – the law on the management of financial integrity and regulations, or the law of the company – which reduces this sentence of any evaluation by the regulators of security and the solidity of a bank.
“It is clear that federal regulators have abused reputation risks by carrying out a political program against federal legal companies,” said Scott in a bill on the bill, which said that the end of its uncover is among its main priorities. “This legislation, which eliminates all references to the risk of reputation in regulatory supervision, is the first step in the end of the deterioration once and for all.”
Senator Cynthia Lummis, a Wyoming republican who is the head of the digital asset subcommittee, had recently raised this specific point as a concern with the monitoring of the Federal Reserve.
“Americans deserve a transparent regulatory framework that promotes innovation in digital assets instead of stifling it with the exaggerated government,” she said in a statement.
Consumer defenders and several Democrats, including senator Elizabeth Warren, argued that the accent of regulators on digital assets had been justified after the collapse of several large companies, the accusations of fraud against the chiefs of the industry, the main hacks of routine of digital active platforms and the generally volatile markets were threats to the safety of investors.
Read more: the concerns of the crypto speaking have reached another big scene in the American house
