US Senator Elizabeth Warren is pressing Federal Reserve Chair Jerome Powell to examine the relationship between banking institutions and cryptocurrency companies.
Warren, a member of the Democratic Party, with Tina Smith, a senator from the same party. banking institutions connected to the cryptocurrency sectorfrom this industry investigating how it affects wants.
Senators say that the Fed and, in addition, the OCC and the Federal Deposit Insurance Corporation’s relationship with these companies “to make an assessment of what risks it poses to banks and the banking system” demands.
In a letter they sent to Fed Chairman Powell the other day, the two names said, “We are writing this letter out of concern over the recently exposed relationship between the banking industry and cryptocurrency firms.” used the phrase.
Elizabeth Warren and Tina Smith argue that these concerns are particularly relevant to banks. because of their relationships with cryptocurrency exchange FTX and Alameda Research. states.
Senators, Fed, FDIC, and OCC chairs until 21 December waiting for response.