Martin Gruenberg, the Chair of the US Federal Deposit Insurance Corporation (FDIC) has announced his intention to step down following an investigation into a detrimental workplace culture at the agency. The FDIC, an independent agency that insures depositors at American commercial and savings banks, has recently been the focus of a third-party investigation into allegations of sexual harassment and other workplace misconduct.

Gruenberg, who has been at the helm of the FDIC since August 2005, faced bipartisan criticism after testifying before Congress on May 15 about the widespread allegations of harassment and mistreatment of employees. The FDIC Chair expressed his intentions to step down once his successor has been confirmed. His decision comes after a chorus of lawmakers, including Senate Banking Chair Sherrod Brown, called for his resignation and urged President Biden to find a replacement.

The White House has stated its intention to propose a new candidate for the chair of the FDIC. Despite the controversy, Senator Elizabeth Warren expressed confidence in Gruenberg’s capacity to evoke change at the FDIC.

The crypto community is reportedly pleased with the news. Nic Carter, a partner at Castle Island Ventures, referred to the event as “the best day ever.” Gruenberg has previously been critical of crypto assets, likening them to risky financial offerings such as subprime mortgages and collateralized debt obligations, which triggered the 2008 financial crisis. He is also thought to have played a key role in ‘Operation Choke Point 2.0’, an FDIC-led initiative that sought to deter banks from holding crypto deposits or providing banking services to cryptocurrency firms.

John Deaton, a digital asset industry lawyer, criticized Senator Warren’s support for Gruenberg. “It is shameful how Elizabeth Warren circled the wagons to keep one of her disgraced puppets in place. I’m so looking forward to the debates.” He proclaimed.