Dear Friend, 

Throughout my years in Washington, I have learned that there are no coincidences in this town. Last week, I joined Neil Cavuto on Fox Business to discuss the FDIC’s attempts to weaponize their regulatory powers to target banks with crypto offerings. Watch my interview by clicking on the photo below.

WATCH: Congressman Emmer discusses FDIC attempts to kill crypto on Fox Business

The closures of crypto and tech-friendly banks like Silvergate, Signature and Silicon Valley Bank have left the crypto industry largely unbanked. In response to these closures, we have seen statements from regulators across the industry, including former House Financial Services Chairman Barney Frank, highlight the targeted nature of these regulator efforts to “single out” financial institutions who support crypto and technology innovation and “send a message to get people away from crypto.”

In fact, two sources told Reuters last week that “any buyer of Signature must agree to give up all crypto business at the bank.” Their reasoning is clear. Cryptocurrency is a transformational technology that can shift economic power from centralized institutions back into the hands of the American people. That makes this groundbreaking technology threatening to the unelected bureaucrats in Washington. In response, I sent a letter to FDIC Chairman Gruenberg seeking additional information regarding these troubling reports. You can read the letter here.

The emergence of cryptocurrency presents a tremendous opportunity for our country. The technology could help restore our national values of privacy, individual sovereignty and free markets back into our financial system. We will continue to advocate for policies that allow investors to thrive here at home and give the United States a fighting chance to win our financial space race.

Sincerely,