Wall Street banks have announced that they do not finance crypto miners.
The CEOs of Citigroup, Bank of America, and Wells Fargo were questioned today at a congressional hearing.
Statement from Wall Street Banks
Wall Street banks noted that they have no plans to finance cryptocurrency miners.
During a congressional hearing of the Financial Services Committee, crypto mining critic Brad Sherman asked the CEOs of these three big banks if they had any plans to finance crypto mining.
Citigroup CEO Jane Fraser said she did not believe in such a possibility, while Bank of America CEO Brian Moynihan and Wells Fargo CEO Charles Scharf noted that they had no such plans.
Jared Huffman, who heads a subcommittee within the U.S. House Natural Resources Committee, has made moves to further strengthen the team to encourage federal environmental officials to further scrutinize the consequences of crypto mining.
Due to the decrease in Bitcoin price and the rapid increase in energy prices, miners had great difficulties in raising capital. For this reason, some miners resorted to taking loans from various institutions.