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Banks Shouldn’t ‘Punish’ Crypto Industry, Republican Senators Urge
A crackdown on digital-assets companies is reminiscent of a campaign targeting gun sales, Federal Reserve Chairman Jerome Powell was told.
An increasing regulatory crackdown on banks serving the crypto industry may be “punishing an entire industry,” four Republican senators said in a letter to U.S. regulators.
Discouraging the crypto sector could exceed regulators’ mandate and resembles “Operation Choke Point,” the 2013 operation where the Department of Justice investigated banks that did business with legal gun vendors, according to the Thursday letter.
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“We are especially worried that overreaching behavior by the banking regulators will inevitably bleed into other legal industries,” said the letter to Federal Reserve Chairman Jerome Powell, Acting Comptroller of the Currency Michael Hsu and Federal Deposit Insurance Corp. Chairman Marty Gruenberg. “Any industry could be potentially 'disfavored,' based on a given regulator’s ideological perspective.”
“The problems of the few should not drive the harm of many,” senators Bill Hagerty (R-Tenn.), Mike Crapo (R-Idaho), Thom Tillis (R-N.C.) and Steve Daines (R-Mont.) said, noting that revelations of Bernie Madoff’s Ponzi scheme didn't lead to banks cutting off other asset managers. "Regulators should not be punishing an entire industry."
They asked for a response by March 24.
On Jan. 3, the three regulators warned they would take a “careful and cautious” approach to banks’ interactions with crypto companies following a spate of collapses. Two days ago, Silvergate Bank, a lender with heavy exposure to the sector, said it is shutting down.
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- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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CFTC's acting chief Pham poised to go to crypto firm MoonPay once Mike Selig lands
The leader of the derivatives regulator is planning to join the crypto industry as the CFTC and other federal regulators work on policies to benefit the sector.
Ano ang dapat malaman:
- Commodity Futures Trading Commission Acting Chairman Caroline Pham confirmed again that she's heading to crypto firm MoonPay when the Senate confirms her replacement and he's sworn in.
- President Donald Trump's CFTC chair nominee Mike Selig was set for a Senate vote Wednesday evening, according to that chamber's schedule.
- Selig, currently an SEC official, would arrive at the CFTC just as several of Pham's crypto initiatives have gone live.
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