Attorney John Deaton, known for his support of cryptocurrencies, is urging the U.S. Congress to investigate the actions of the Federal Deposit Insurance Corporation (FDIC). He claims that the FDIC may be abusing its powers by preventing banks from providing services to cryptocurrency companies.
Deaton refers to reports that the FDIC is allegedly pressuring banks to avoid working with firms related to digital assets. He believes that such actions may be illegal and require thorough investigation by Congress.
The FDIC is responsible for maintaining stability and public confidence in the U.S. financial system by insuring deposits and overseeing financial institutions. However, according to Deaton, its actions regarding cryptocurrency companies may exceed its mandate and hinder innovation in the financial sector.
Deaton urges lawmakers to pay attention to this issue and ensure that regulators do not exceed their authority, especially concerning the rapidly evolving digital asset industry.