Among the largest banks in the USA shouldn’t have plans to finance crypto mining, CEOs mentioned throughout a congressional listening to on Wednesday.
Chief government officers of main banks together with Citigroup and Financial institution of America appeared on Wednesday earlier than the Home Monetary Companies Committee. Throughout the listening to, Rep. Brad Sherman (D-Calif.) requested three CEOs whether or not they intend to finance crypto mining,
“Are you going to finance crypto mining, which creates electrical energy that’s then wasted in one thing that does not maintain anyone’s lights on, does not prepare dinner anyone’s meals,” Sherman, an outspoken critic of digital belongings, requested. Cryptocurrency mining has confronted sharp criticism from environmental advocates who say the expertise makes use of an excessive amount of vitality.
Citigroup CEO Jane Fraser mentioned she does “not imagine” her financial institution will finance crypto mining. Equally, Financial institution of America Chair and CEO Brian Moynihan mentioned “we shouldn’t have any” plans to take action. Wells Fargo & Firm President and CEO Charles Scharf mentioned he was “not conscious of something” on the subject.
Sherman, who chairs the Subcommittee on Investor Safety, Entrepreneurship, and Capital Markets, has urged regulators to extend investigations into digital asset exchanges and recommended he’s open to an outright ban on cryptocurrencies.