THE DAILY ENCRYPT

September 25, 2022

Major Banks Will Most Likely Not Bankroll Crypto Mining

According to major bank CEOs, there are no plans to finance cryptocurrency mining. This was stated during Wednesday's congressional hearing....
Photo by Louis Droege

According to major bank CEOs, there are no plans to finance cryptocurrency mining. This was stated during Wednesday’s congressional hearing. During questioning by Rep. Brad Sherman, (D-Calif.), CEOs of Citigroup, Wells Fargo & Company, and Bank of America spoke out on crypto mining. 

During a hearing in Congress on Wednesday, CEOs stated that not all banks have plans to finance cryptocurrency mining.

Citigroup, Bank of America weigh in on crypto mining

On Wednesday, the House Financial Services Committee heard from three chief executives of major banks such as Citigroup and Bank of America. Rep. Brad Sherman (D.Calif.), asked three CEOs if they planned to finance crypto mining.

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Crypto mining and energy usage

Sherman, a vocal critic of digital assets, asked: “Are we going to finance crypto mining which uses energy but then wastes it in something that doesn’t keep anybody’s lights on and doesn’t cook anybody’s food?” Environmental advocates have criticized cryptocurrency mining for using too much energy.

Jane Fraser, CEO of Citigroup, stated that she doesn’t believe her bank will finance cryptocurrency mining. Brian Moynihan, CEO of Bank of America, said that there are no plans to do so. Charles Scharf, President and CEO of Wells Fargo & Company, said he wasn’t aware of any information on the subject.

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Sherman, the chairman of the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets, has urged regulators to increase investigations into electronic asset exchanges and suggested that he would be open to an total ban on cryptocurrency.

Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".
Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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