The chairman of the US Banking Committee, Tim Scott, belonging to the Republican Party, suggested banks to refuse to serve crypto companies, referring to “reputational risks”.

The bill was supported by all the Republicans of the Banking Committee of the Senate. The author said that cryptocurrencies are systematically denied banking services, since the US Federal Reserve (Fed), the Federal Corporation for Deposit Insurance (FDIC) and the control of the monetary circulation controller (OCC) are concerned with digital assets.

Scott said that federal regulators abuse the concept of “reputation risks”. The use of this concept as a reason for supervision of financial institutions is a method to apply power against “politically unfavorable groups”.

Senator-public Synthia Lummis (Cynthia Lummis) from Wyoming also called Debanking Crypto Companies a serious problem. Financial regulators abuse their power, interfering with the development of a legal business, the politician was indignant.

“The Americans deserve a transparent regulatory framework, which encourages innovations in the field of digital assets, and does not strangle the excessive intervention of the authorities. We warn these scammers-regulators-the days of their uncontrolled power have passed! ” – said Lammis.

At the end of last year, Tim Scott promised to create a subcommittee of digital assets in the Senate and develop new cryptocurrency legislation until the end of 2025.