Circle, BlockFi Are Questioned by Lawmakers About Why They Banked at SVB

Sen. Elizabeth Warren (D-Mass.) and Rep. Alexandria Ocasio-Cortez (D-N.Y.) want to know why crypto companies, including bankrupt crypto lender BlockFi and stablecoin issuer Circle, banked at now-collapsed Silicon Valley Bank. Blockchain Association director of government relations Ron Hammond discusses the difference between Coinbase, Binance and Circle's engagements with lawmakers in DC. "The issue that we have in DC is that no matter the approach you take, it seems like you're still going to be at the end of a Wells notice of enforcement action," Hammond said.