PANews reported on May 21 that according to Cointelegraph, Martin Gruenberg, chairman of the U.S. Federal Deposit Insurance Corporation (FDIC), who has always opposed cryptocurrencies, will resign after a severe investigation revealed a poor working environment culture within the bank regulator. On May 20, Martin Gruenberg said he was ready to resign from his position as chairman of the FDIC, which he had held since August 2005.
The FDIC is an independent agency of the U.S. government that insures depositors at U.S. commercial banks and savings banks. The announcement follows a third-party investigation released on May 7 into allegations of sexual harassment and other interpersonal misconduct within the FDIC, and management's response to those misconduct. On May 15, Gruenberg testified before Congress about widespread allegations of sexual harassment and mistreatment of subordinates. He faced criticism from Republican and Democratic lawmakers, who reportedly expressed anger, frustration and disbelief about the severity of the FDIC's problems. The White House said it intends to put forward a new candidate for FDIC chairman.
The crypto community celebrated the move, with Castle Island Ventures partner Nic Carter calling it “the best day ever.”
