CEOs of Big US Banks Stop Investing in Cryptocurrency Mining – Nation World News

Directors and CEOs of large banks told the United States Congressional Financial Services Committee that they are “not interested” in funding cryptocurrency mining-related projects, in response to questions from Representative Brad Sherman.

Brad Sherman posed the following questions to the CEO:

Are they going to fund crypto mining, which creates electricity that is then wasted on something that doesn’t turn on one’s lights, doesn’t cook one’s food?

Mining BTC El Salvador

A few days ago, the founder of Cardano (ADA), Charles Hoskinson, warned about a possible ban on bitcoin mining in the United States. His analysis was based on the report “Climate and Energy Impact of Crypto-Assets in the United States” which highlights the following:

“The White House is now basically hiding a report on page seven that no one will ever see or read: ‘Hey, Mia, it’s great that you got there with proof-of-work, but, you know Global warming is bad. That’s why we should ban it.'”

On occasion, some of the CEOs who participated in the Financial Services Committee of the House of Representatives were from Citigroup and Bank of America, who confirmed they were not interested in funding or giving credit to mining-related projects.

Banks deny intention to invest in mining projects

Citigroup CEO Jane Fraser told The Block that she “does not think” that the bank will fund cryptocurrency mining, while Bank of America President and CEO Brian Moynihan stressed that she has “no plans” to do so. . Do this.

In the end, Charles Scharf, president and CEO of Wells Fargo & Company, said he “didn’t know anything” on the subject. Last July, Brad Sherman urged the Chief Compliance Officer of the United States Securities and Exchange Commission (SEC) to file cases against cryptocurrency exchanges.

At the time, Sherman noted the following:

“The Division faces new challenges in the form of cryptocurrencies and other digital assets. The Division has determined that XRP is a security and is going after XRP, but for reasons that I will mention in the questions, those exchanges have Not gone after where thousands of illegal security transactions were taking place.

Earlier, the White House noted in a report that cryptocurrency mining is responsible for 0.4% to 0.8% of total US greenhouse gas emissions. Furthermore, they form a comparative sample of the electricity consumption of bitcoin and cryptocurrencies with respect to countries and other categories.

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