Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
- The FDIC has issued several letters about a break of banks dealing with crypto companies during the Biden administration.
- The current FDIC Travis Hill FDIC chair signaled the turn into the de-banking approach.
The US Federal Deposit Insurance Corporation (FDIC) signalized a pro-Crypto shift in the midst of a current US senators on the alleged De-Bankarstvo companies during the Biden administration.
In addition, the FDIC chair, Travis Hill, published 175 supervisory documents sent by the regulator to the KRIPTO companies, emphasizing the mass limit of approach to banking known as “Operation ChokePoint 2.0 (OCP).
However, the hill noticed That a more measured approach will be adopted, going forward.
“We actively review our supervisory approach to the crypto activities. This includes replacement of the Financial Institution’s letter (Fil) 16-2022 and the road provision for institutions to deal with cryptocurrency and blockchain activities while still adhering to the principles of security and sound. “
Here, Phil 16-2022 refers to FDIC guidelines published in April 2022. To manage risks associated with third parties. Especially payment processors and other fintech companies, including cryptocurrencies.
The victims of the cryptocurrency testify
Although Crypto Media has been extensively covered by the OCP in the past, the problem has become the main course after being known by the famous risk capital Marc Andressen expressed on the subcastation of Joe Reagan Experience.
This attracted the attention of the policy creators, and for the new Trump administration, things began to move quickly. February 5, the Banking Committee of US Senate held its first meeting with victims with Debank.
Nathan McCauley, the founder and executive director of the institutional crypto platform of Anchorage Digital, was among the crypto to the executors who witnessed their experience.
McCauley noticed That his company and other crypto venture had invested themselves in the battle in bank accounts because they were closed during this period.
“I believe the regulators have pressured the banks to break the CRIPTO industry services. Why do I mean that? Two things: a series of antichrypto regulatory actions between 2021 to 2023 and my own experience. ”
For his part, Paul Grewal, the Coinbase Legal Boss, was surprised that the FDIC’s De-Bancar Pressure against the Crypto Company was associated with volatility of Bitcoin and the risk of compliance, not with a “systematic risk” for the entire US banking system, such as is allegedly.
