The Blockchain Association, an advocacy organization, citing the Freedom of Information Act, asked MPs to request information and hear reports from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve System (FRS) on their role in the bankruptcy of Silicon Valley Bank (SVB) and Signature Bank.
Financial Services Commission Chairman Patrick McHenry said the panel was “seeking to get to the bottom of bank failures.” FDIC Chairman Martin Gruenberg and Fed Vice Chairman for Oversight Michael Barr are expected to attend the hearing.
Earlier, a joint regulatory statement said that the enforcement action against SVB and Signature was taken to “protect the US economy by building public confidence in the banking system.” However, members of the Association suggest that the actions of the regulators were deliberate and concerted.
In particular, Signature Bank board member Barney Frank (Barney Frank) accused US regulators, which blocked the bank’s operations, of actions aimed at discrediting the crypto industry.
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