Federal Deposit Insurance Corporation acting chair Martin Gruenberg said the agency does not back any crypto firms in the United States, nor does its insurance cover losses from tokens.

In a Nov. 15 hearing of the Senate Banking Committee on the oversight of financial regulators, New Jersey Senator Bob Menendez said lawmakers needed to “take a serious look at crypto exchanges and lending platforms” over risky behavior. Gruenberg responded to Menendez’s questions confirming there were “no cryptocurrency firms backed by the FDIC” and “FDIC insurance does not cover cryptocurrency of any kind.”

“This has been a key priority for us,” said Gruenberg. “When we identify some companies in the crypto space and others engaging in misrepresentation, we acted very forcefully, sending letters demanding that they cease and desist and indicating that if they did not comply, we have enforcement authorities available to us under the law that we can bring to bear.”