Federal Deposit Insurance Corporation has issued more than 100 documents related to excessive criticism of crypto companies and individuals and controversial “debanking”.
One in Press release On 5 February, the FDIC stated that 175 documents relate to the agency’s maintenance of banks that “demands to be attached or attached to the cripTo-related activities.”
The report was released on the same day when the US Senate Banking Committee started its hearing on the impact of the debanking in the country. It also follows the order of a court, which set the deadline for his release as Friday, February 7.
Crypto debanking, often called Chokpoint 2.0, has been a controversial issue in recent months, in which FDIC and US Securities and Exchange Commissions face criticism from various industry stakeholders.
FDIC acting president Travis Hill commented:
“I have been important in the past of FDIC’s perspective for crypto assets and blockchain. As I said last March, the FDIC’s approach ‘contributed to a general perception that the agency was closed for business if the institutes are interested in anything related to blockchain or distributed account technology. ,
Documents issued include correspondence with 24 financial institutions about their participation or interest in crypto-related activities.
Records show that FDIC opposed the engagement to a large extent, often requested additional information, delayed reactions for months, and issued instructions that banks stop, suspend, suspend or completely crypto-related activities Instructed to avoid.
There would be no doubt in the crypto debanking hearing, but the remarks by notable industry advocates appreciated the FDIC’s decision to release the documents. This includes Senator Synthia Lummis, which saw Through a post on X:
“I am thrilled that FDIC worked fast and efficiently to release these documents. I want to thank Chairman Hill and Potus for your commitment for the government’s transparency! We are ending the Chokpoint 2.0. ,
FDIC Acting Chairman Hill has said that the agency is reecting its approach. Major remedies to advance include making a clear outline for banks to participate in 16–2022 and Crypto sector instead of your financial institutional letter (FIL). FDIC will also collaborate with President Trump’s Working Group on digital assets to establish new guidelines.
