Senator Pat Toomey of the United States said that whistleblowers told him that the FDIC was pressuring banks to stop doing business with crypto companies.
In her letter, Warren implores the OCC to work with the Fed, FDIC, and other stakeholders to create a different cryptocurrency strategy 'that appropriately safeguards customers and the safety and soundness of the financial system.'
The government body claimed that while deposits at banks with insurance were protected up to $250,000, there was no equivalent protection for deposits made with cryptocurrency businesses.