FDIC acting chair says no crypto firms or tokens are backed by agency
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Federal Deposit Insurance Corporation acting chair Martin Gruenberg said the agency does not back any crypto firms in the United States, nor does its insurance cover losses from tokens.
In a Nov. 15 hearing of the Senate Banking Committee on the oversight of financial regulators, New Jersey Senator Bob Menendez
Gruenberg has been serving as FDIC acting chair since February following the resignation of former chair Jelena McWilliams. On Nov. 14, U.S. President Joe Biden announced he would be nominating Gruenberg for a five-year term as the next FDIC chair. The acting chair will also testify before the House Financial Services Committee on Nov. 16.
