WASHINGTON, D.C.— Today Shayna Olesiuk, Director of Banking Policy, testified at a House Financial Services Committee hearing on debanking. Below are quotes from her testimony and video from the hearing.
“What’s really at stake is protecting our financial system and Main Street Americans from the risks, costs, and consequences of incredibly volatile and often flagrantly illegal conduct and criminal activity.
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“If the crypto industry had followed the law like almost every other financial firm in the U.S., then it would not be crosswise with regulators who are mandated to enforce the law and protect customers, investors, and financial stability. This is also an issue of fairness to the other financial firms in the U.S. who are following the law. Crypto should not be given an unfair advantage over its competitors with a different set of rules.
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“The explosive growth of crypto in recent years has massively endangered the financial system in ways we have never seen. Banks and other financial firms have become involved with crypto firms, and several have experienced devastating failures. These failures harmed the banking industry and bank customers, and come with the enormous price tag of $40 billion in direct costs and threatened financial stability.”
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“The bottom line is that regulators and banks must act in the best interest of the public and Main Street Americans.”
Shayna’s full testimony.
