Senate Banking Committee Ranking Member Pat J. Toomey (R-PA) criticized the FDIC for "improperly taking action to deter banks from doing business with lawful cryptocurrency-related companies."
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At a Federalist Society Conference, FDIC Chair Jelena McWilliams described agency policy on alternative data, artificial intelligence, rapid prototyping and FinTech partnerships, and said the FDIC will issue a request for information about bank activities and digital assets.
Senators Sherrod Brown (D-OH) and Jeff Merkley (D-OR) urged the heads of numerous federal regulatory agencies to provide insight about the tools they utilize to ensure effective oversight over financial technology firms.