The United States-based crypto advocacy group Blockchain Association called on financial regulators to provide information related to the potential “de-banking of crypto firms” in the wake of the failures of banks including Signature, Silicon Valley Bank, and Silvergate.In a March 16 notice, the Blockchain Association said it had submitted Freedom of Information Act requests to the Federal Deposit Insurance Corporation, the board of governors of the Federal Reserve System, and the Office of the Comptroller of the Currency for documents and communications that could potentially show regulators’ actions “improperly contributed” to the collapse of the three banks.
According to Blockchain Association CEO Kristin Smith, crypto firms “should be treated like any other law-abiding business” in the U.S.
with access to bank accounts.“BA is investigating troubling allegations — including account closures and refusal to open new accounts — which have grown more concerning in the wake of this week’s banking crisis,” said the association. “A crisis that long term crypto opponents have rushed to blame, incorrectly, on the technology.”1/ TODAY: we sent FOIA requests to the following govt agencies, seeking info on the potential de-banking of lawful crypto business:FDICBoard of Governors of the Federal Reserve Systemand the OCChttps://t.co/GdjNT6sWdU pic.twitter.com/vB4He5oQfYFor many in the space, the recent banking crisis began with Silvergate’s parent company announcing on March 8 that it would “wind down operations” for the crypto bank.
Silicon Valley Bank followed on March 10 with its own failure after a run on deposits, and the Treasury, Fed, and FDIC announced the closure of Signature Bank on March 12.At the time, a joint statementRead more on cointelegraph.com