Sens. Bill Hagerty (R-TN), Mike Crapo (R-ID), Thom Tillis (R-NC), and Steve Daines (R-MT) sent a letter to Federal Reserve Chair Jerome Powell, Acting Comptroller Michael Hsu, and FDIC Chair Marty Gruenberg questioning regulators’ motivation for recent actions related to cryptocurrency. The letter references the regulators’ joint statement released January 3 suggesting that holding or issuing crypto assets is not a safe banking practice and notes that “we are especially worried that overreaching behavior by the banking regulators will inevitably bleed into other legal industries.”