WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with Better Markets’ new report, “Debunking Debanking.”

“All of a sudden “debanking” is a hot topic. Congressional hearings are being held, and the media is breathlessly reporting every claim, no matter how baseless or fact-free. The truth is that banking regulators are properly doing their jobs to protect the banking industry from the serious threats that crypto poses.

“The crypto industry is currently claiming that it is being discriminated against and debanked for illegitimate reasons, as if it is an innocent victim of needlessly biased banks and banking regulators. However, our report show that banks and regulators have properly taken a very cautious, skeptical view of crypto given its shocking history of criminal and illegal conduct, including prominently money laundering, as well as its extreme volatility and boom-bust cycles that have harmed millions of Americans.

“Tellingly, few have been concerned about the real debanking that has been going on for a long time: for decades minority communities, low-income families, and other underserved individuals have been denied access to the banking system. This is the real debanking problem that victimizes Main Street Americans who are forced to turn to unregulated, high-cost alternatives for banking services such as check cashers or payday lenders, and even crypto.”

You can also find a fact sheet on the report here.