Wall Street bank CEOs confirm to Congress: They have no plans to provide capital for miners The Ecoinomic

During a congressional hearing on Sept. 21, executives from Citigroup, Bank of America and Wells Fargo were asked about investments in coin miners.

U.S. banks deny funding to miners

Some top US bank heads claim they have no plans to provide capital for miners.

Rep. Brad Sherman (D-Calif.), a critic of cryptocurrency mining, asked the heads of the three major banks whether they intend to fund coin mining during a congressional hearing by the House Financial Services Committee.

“I don’t think so.” Citigroup CEO Jane Fraser said. Bank of America CEO Brian Moynihan and Wells Fargo CEO Charles Scharf both insist their banks have no plans for that either.

cryptocurrencies — Wall Street bank CEOs confirm no plans to fund coin mining

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In April, Rep. Jared Huffman (D-Calif.), who heads a subcommittee in the U.S. House of Representatives’ Natural Resources Committee, recruited nearly two dozen Democratic colleagues to urge federal environmental officials to take further scrutiny of the consequences of coin mining.

Raising capital has become difficult for miners this year as the price of Bitcoin (BTC) has slumped and energy prices skyrocketed.

Tho dao tien dien tu min The Ecoinomic — crypto knife” width=”750″ height=”489″ /> Monitoring cryptocurrency mining operations

Miners are required to be more creative, while various companies are trying to fill the gap for miners. For example, decentralized finance (DeFi) firm Maple Finance is starting to lend $300 million to medium-sized Bitcoin miners across North America and Australia.

Industry participants also expect some mergers and acquisitions as miners with lower cryptocurrency prices.