FDIC releases documents related to crypto debanking

The Federal Deposit Insurance Corporation has published more than 100 documents related to highly criticized and controversial “degrees” of cryptographic companies and individuals.

In a press release On February 5, the FDIC said that the 175 documents concerned the supervision of the banks by the agency “which undertook or sought to initiate activities related to the crypto”.

The report was published on the same day as the Banque Committee of the US Senate began its audience on the impact of the gambling in the country. He also followed an order from the court which established the deadline for his release as on Friday, February 7.

Crypto’s unit, often called ChokePoint 2.0, has been a controversial question in recent months, the FDIC and the American Commission for Securities and Exchange being confronted with the criticism of various industry players.

The acting president of the FDIC, Travis Hill, commented:

“I was critical in the past of the FDIC approach for cryptographic assets and blockchain. As I said last March, the approach of the FDIC “ contributed to a general perception according to which the agency was closed for business if the institutions are interested in something linked to the blockchain or The technology of the big book distributed. »»

The published documents include correspondence with 24 financial institutions concerning their involvement or their interest in activities related to the crypto.

The files reveal that the FDIC has largely resisted the engagement, frequently asking for additional information, delaying the responses for months and by issuing directives asking banks to stop, suspend or completely avoid activities linked to cryptography.

The hearings of debanking cryptography will undoubtedly reveal much more, but the comments of the notable defenders of the industry congratulate the decision of the FDIC to disclose the documents. He includes senator Cynthia Lummis, who observed via a post on x:

“I am delighted that the FDIC acted quickly and effectively to release these documents. I would like to thank President Hill and Potus for your commitment to the government’s transparency! We end ChokePoint 2.0. »»

The acting chair of the FDIC said that the agency is re -evaluating its approach. Key measures in the future include the replacement of his letter from financial institution (FIR) 16-2022 and creating a clearer framework for banks to Participate in the cryptography sector. The FDIC will also collaborate with President Trump’s working group on digital assets to establish new guidelines.