The Chairman of the Senate Banking Committee is pushing for a bill aimed at opposing the deprivation of banking services in the cryptocurrency industry

According to CoinDesk, the ongoing struggle in the cryptocurrency industry against the deprivation of banking services suffered by cryptocurrency companies and leaders has received legislative support from senior U.S. Senator Tim Scott. Scott is pushing for a bill aimed at depriving federal banking regulators of the ability to use "reputation risk" as a reason to steer banks away from customers. Republicans pointed out this issue area in recent congressional hearings, which explored how digital asset companies are systematically excluded from US banking relationships due to regulatory agencies (including the Federal Reserve, Federal Deposit Insurance Corporation, and the Office of the Superintendent of the Currency) not wanting them to enter the banking industry. As the chairman of the Senate Banking Committee, Scott has convened his Republican colleagues to support the Financial Integrity and Regulatory Management Act (FIRM). The bill prohibits regulatory agencies from using the term 'reputation risk' when evaluating the safety and soundness of banks. In a statement under the bill, Scott said, "It is clear that federal regulatory agencies are abusing reputation risk to pursue political agendas against legitimate federal businesses. This legislation eliminates all references to reputation risk in regulatory oversight and is the first step towards completely ending the deprivation of banking services