U.S. Senator Sends Letter to Regulators: Excessive Crackdown on Banks in the Crypto Industry May "Punish the Entire Sector," Requests Response by March 24

ChainCatcher news, four Republican senators stated in a letter to several U.S. regulatory agencies that the increasing crackdown on banks serving cryptocurrency industry participants could "punish the entire industry."

The letter expressed to officials at the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation: "We are particularly concerned that the overreach of bank regulators will inevitably impact other legitimate industries. Based on the ideological perspective of a specific regulatory agency, any industry could be deemed unwelcome, but the problems of a few should not lead to harm for many, and regulators should not punish the entire industry."

They requested a response from the regulatory agencies by March 24. (source link)