At a Senate Banking Committee nomination hearing on November 30, Sen. Elizabeth Warren (D-MA) praised the actions of FDIC acting chair Martin Gruenberg with respect to cryptocurrency. She said, “Our banks stayed safe even as crypto imploded because many of President Biden’s regulators, like acting chairman Gruenberg, fought to keep crypto from becoming dangerously intertwined with our banks. He did this despite the Trump administration’s and crypto boosters’ aggressive efforts to bring crypto and all its risks into traditional banking.” She also referred to cryptocurrency as toxic and said it does not belong in the traditional banking system.