- The FDIC has published several pause letters to banks engaged in cryptographic companies during the Biden administration.
- TRAVIS HILL, the current acting FDIC chair, pointed out the bank’s approach.
The Federal Deposit Insurance Corporation (FDIC) of the United States reported a pro-Crypto change in the middle of the hearing of the ongoing American senators on the alleged unlock of cryptographic companies during the Biden administration.
In addition, the president of the acting FDIC, Travis Hill, published 175 surveillance documents sent by the regulator to crypto companies, highlighting the massive banking access restriction nicknamed “the chokepoint 2.0 (OCP) operation” .
However, the hill note That a more measured approach would be adopted, in the future.
“We actively reassess our approach to supervision of activities related to crypto. This includes the replacement of the letter of financial institutions (thread) 16-2022 and the supply of a path to institutions to engage in activities related to crypto and blockchain while adhering to security principles and of solidity. »»
Here, thread 16-2022 refers to the FDIC directives published in April 2022 to manage the risks linked to third-party banking. In particular payment processors and other fintech companies, including crypto.
The victims of the crypto-de-banking testify
Although Crypto Media has largely covered the OCP in the past, the problem has become common after renown, Marc Andreessen, expressed it on the Podcast by Joe Reagan Experience.
It attracted the attention of decision -makers, and with the new Trump administration, things started to move quickly. On February 5, the American Senate committee on banks held its first meeting with bare victims.
Nathan McCauley, founder and CEO of Institutional Crypto Platform Anchorage Digital, was among the Crypto executives who testified on their experience.
McCauley note that his business and other cryptographic companies where he has invested in evil to have bank accounts because they were closed during the period.
“I believe that the regulators have put pressure on the banks to cut services to the cryptography industry. Why do I think that? Two things: a series of anti-Crypto regulatory actions between 2021 and 2023, and my own lived experience. »»
For his part, Paul Grewal, the legal chief of Coinbase, was surprised that the FDIC desanking thrust against cryptographic companies is linked to the volatility and the risks of Bitcoin compliance and not to a “systematic risk” for the ‘Together of the American banking system, as previously claims to be.
Source: X
