PANews reported on May 21 that Martin Gruenberg, the chairman of the U.S. Federal Deposit Insurance Corporation (FDIC), who has long opposed cryptocurrencies, will resign following a severe investigation that revealed a toxic work culture within the bank regulatory agency. On May 20, Martin Gruenberg stated that he is ready to step down from his position as FDIC chairman, a role he has held since August 2005.

The FDIC is an independent agency of the U.S. government that provides insurance to depositors in American commercial and savings banks. This announcement follows a third-party investigation released on May 7, which addressed allegations of sexual harassment and other interpersonal misconduct within the FDIC, as well as the management's response to these issues. On May 15, Gruenberg testified before Congress regarding widespread sexual harassment allegations and abuse of subordinates. He faced criticism from both Republican and Democratic lawmakers, who reportedly expressed anger, frustration, and disbelief at the severity of the FDIC's issues. The White House stated that it intends to nominate a new candidate for the FDIC chairmanship.

The crypto community celebrated this move, with Nic Carter, a partner at Castle Island Ventures, calling it "the best day ever."