Open Letter to Senator Pat Toomey
Good Morning Senator Toomey,
I wanted to extend my thanks and support for your recent letter dated August 16th 2022 to Director Gruenberg of the FDIC, in regards to whistleblower concerns of acts of intimidation towards Financial Institutions and their servicing of companies involved in cryptocurrency.
I am an owner of a small business specializing in Research and Development of Blockchain technologies supporting the Cryptocurrency space. We are based in Aliquippa, PA and are focusing on contribution to Beaver County and City of Aliquippa through apprenticeship, internships for low-income talent, and helping develop a local economy focused on software development skills and innovation in this emerging tech space.
While today we have not experienced any issues with our financial institution, we are gravely concerned about the potential ripple effect of FDIC’s alleged actions on small business innovators like ourselves.
Such actions would cause irreparable harm to small business like ours, as well as thousands of other legally-operating companies across the U.S. who are already limited to capital options while remaining a participant in the traditional financial institutions. We do not wish these alleged actions by FDIC to contribute to the negative connotation and vilification to those US-based and law abiding small businesses operating in the cryptocurrency space.
Again, thank you for your support in ensuring financial institutions – large or small, traditional or emerging – continue to operate within the boundaries of the law and transparency. We look forward to hearing from Director Gruenberg in response to your questions.