June 9, 2023

important aspect

  • The chief executives of the largest US banks attended the congressional hearings
  • Representative Brad Sherman asked the executives if they would fund crypto mining
  • Executives have confirmed that they have no plans to fund such activities

Chief Executive Officers (CEOs) of the largest banks in the United States will not financially support crypto mining operations.

The CEOs of Bank of America, Wells Fargo & Company and Citigroup were present during a congressional hearing, where Rep. Brad Sherman (D-Calif.) questioned the three executives on whether they would fund crypto mining operations.

“Are you going to fund crypto mining, which generates electricity that is then wasted on something that doesn’t light anybody’s lights, cook anybody’s food?” Sherman asked, accordingly barrier.

In response, executives confirmed that they have no plans to finance such activities.

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

Meanwhile, Wells Fargo & Company President and CEO Charles Scharff said he was “not aware of anything” about the matter.

Crypto mining operations have recently come under a lot of criticism due to their large energy requirements that can be diverted to other purposes.

Earlier this year, Rep. Jared Huffman (D-Calif.), who heads a subcommittee on natural resources in the US House of Representatives Committee, appointed nearly two dozen Democratic colleagues to further study the environmental impacts of crypto mining.

“We have serious concerns about reports that cryptocurrency facilities across the country are polluting communities and making a major contribution to greenhouse gas emissions,” he wrote. the letter Signed by lawmakers including Sherman and Jamal Bowman of California, Alexandria Ocasio-Cortez of New York and Jesus G. “Chui” Garcia and Mary Newman of Illinois.

“People living near crypto mining facilities are already suffering the effects of air, water and noise pollution from these facilities,” Huffman added.

Sherman also called for an outright ban on cryptocurrencies earlier this month. However, he is said“I don’t think we’re going to get [to a ban] Anytime soon,” acknowledging that the crypto industry plays a major role when it comes to campaign donations.

As previously reported, crypto donors including brokers, venture capitalists and investors have contributed more than $52 million in political donations. Among the biggest donors are FTX co-CEOs Ryan Salam and Sam Bankman-Fried.

Russia is one of the largest crypto-mining countries in the world, but the activity may soon be banned
Russia is one of the largest crypto-mining countries in the world, but the activity may soon be banned
AFP/Olga Maltseva

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