Cryptonews Six Democrats called on two investment firms to turn their backs on crypto 🙄
Two groups of crypto-skeptic Democratic Senators are trying to push two financial firms into stepping back from cryptocurrency offerings.
And while neither made reference to the collapse of FTX, the timing and the reputational damage done to crypto make it seem likely that it is a factor.In the latter case, the senators asked SoFi CEO Anthony Noto about a new crypto service allowing customers to have a portion of direct deposited paychecks used for no-fee crypto purchases — calling it a failure to abide by its commitment to end crypto trading activities within two years.
Aside from the potential damage to investors from "crypto-related risks" caused by selling products of a "'hype driven economy' to investors of modest means, there are also threats to "cybersecurity, anti-money laundering and countering of financing of terrorism efforts, consumer protection, and financial stability," they argued.
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