Internet reports that Tim Scott, Chairman of the U.S. Senate Banking Committee, has proposed a bill to prohibit regulators from supervising banks on the grounds of "reputation risk." The move comes in response to accusations by the crypto industry that U.S. government agencies excluded it from the financial system. The Republican senator from South Carolina introduced the bill on Thursday and said in a statement that the legislation would limit the weaponization of federal banking institutions and eliminate regulators 'power to use "reputation risk" in the regulatory process. The Federal Reserve defines "reputation risk" as "the risk that may lead to customer loss, high litigation costs, or reduced revenue due to negative public opinion (whether true or false) about an institution's business practices."