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The FDIC is an independent United States government agency supplying insurance for depositors in American commercial and savings banks.

The announcement follows a May 7 published third-party investigation into allegations of sexual harassment and other interpersonal misconduct at the FDIC, along with management’s response to the misconduct.

On May 15, Gruenberg testified before Congress over widespread sexual harassment allegations and mistreatment of subordinates. He faced criticism from Republicans and Democrats, who expressed anger, dismay, and disbelief at the depths of the issues at the FDIC, according to Reuters.

Lawmakers have called for his resignation, and Senate Banking Chair Sherrod Brown was also among those who called on President Biden to replace Gruenberg.

The White House stated it intends to put forward a new nominee for FDIC chair.

However, Senator Elizabeth Warren said that she had confidence in Gruenberg’s ability to effect change at the agency.

The move has been celebrated by the crypto community with Castle Island Ventures partner Nic Carter calling it “the best day ever.”