CEOs Of Major Banks Unwilling To Financially Back Crypto Mining

key point

The CEOs of America’s largest banks appear at congressional hearings
Rep. Brad Sherman asks executives if they would like to fund crypto mining
Executives confirmed they have no plans to fund such activities

The Chief Executive Officer (CEO) of the largest U.S. bank will not financially support crypto mining activities.

The CEOs of Bank of America, Wells Fargo and Citigroup attended a congressional hearing where Rep. Brad Sherman (D-Calif.) asked the three executives if they would fund cryptocurrency mining Activity.

“Are you going to fund crypto mining that generates electricity and then wastes it on things that don’t keep anyone’s lights on and cook for anyone?” Sherman asked, according to block.

In response, executives confirmed they had no plans to fund such activities.

“I don’t think so,” Citigroup CEO Jane Fraser said, according to the outlet.

Meanwhile, Wells Fargo President and CEO Charles Schaff reportedly said he had “no idea” about the matter.

Crypto mining activities have drawn a lot of criticism lately because they require a lot of energy and may be diverted to other uses.

Earlier this year, Rep. Jared Hoffman (D-Calif.), who chairs the U.S. House of Representatives Natural Resources Committee subcommittee, recruited about 20 Democratic colleagues to promote further research into the environmental impact of crypto mining.

“We are gravely concerned about reports that cryptocurrency facilities across the country are polluting communities and contributing significantly to greenhouse gas emissions,” he wrote in an article. letter Signed by lawmakers including Sherman and Jamaal Bowman of California, Alexandria Ocasio-Cortez of New York, and Jesús G. “Chuy” García and Marie Newman of Illinois.

“People living near crypto mining facilities are already affected by air, water and noise pollution from these facilities,” Hoffman added.

Sherman also called for an outright ban on cryptocurrencies earlier this month.However, he Say“I don’t think we’ll get [to a ban] Soon,” acknowledging that the cryptocurrency industry plays a major role in campaign contributions.

As previously reported, cryptocurrency donors, including brokers, venture capitalists and investors, have donated more than $52 million in political donations. The largest donors include FTX co-CEOs Ryan Salame and Sam Bankman-Fried.