Lee Reiners, policy director at the Duke Financial Economics Center, recommended that banking agenices restrict the crypto industry from accessing the banking system while testifying to the Senate Banking Committee on Tuesday. 

The professor claimed that crypto has produced nothing of benefit during the 14 years since Bitcoin’s whitepaper was published. 

Given the dangers, Reiners said he “agrees with the sentiment” that crypto should be restricted from access to the banking system to the greatest degree possible. However, so long as crypto remains legal, banks are required not to discriminate against the industry. The professor recommended that banking agencies release information to the public exposing all of the ways that banks are exposed to crypto. He also suggested that agencies become more prescriptive about what crypto-related activities banks cannot engage in – including a rule against holding crypto on their balance sheets.