Now few people will dispute that cryptocurrency businesses have difficulty accessing financial services in the US, the anecdotes are too much. But it is still for the National Assembly to solidify the reason. While Trump and Other politicians It is said that according to the theoretical provisions of the Chokepoint 2.0 activity have been proven specifically, no smoking guns even though evidence of documents or internal testimony has not yet appeared.
At the hearing session organized by the Financial Service Committee on February 6, the discussion continuously returned 700 pages of document Issed by FDIC, partly to meet the requirements submitted to the Freedom of Information Law by Crypto Exchange Coinbase. Documents recorded the contact of FDIC with electronic banks in the term of President Biden.
Document load contains letters in which banks guide FDIC to suspend plans to provide different cryptocurrency -related services to customers. In other examples, the management agency raises a long list of questions for banks about their cryptocurrency activities.
There is no clear instructions for banks to keep or withdraw accounts from cryptocurrency businesses in documents, but The industry executives have argued That the impression is given to banks of a common doubt for cryptocurrencies at FDIC with similar practical effects.
Paul Growal, Legal Director at Coinbase, said that the temporary letters show that, over and over again, banks do not comply with the regulations by checking but rules due to exhaustion, Paul Growal, Legal director at Coinbase, said. You have a question after asking questions.
The implication implication that FDIC is capable of making cryptocurrency insurance banks carefully consider is enough for financial institutions to decide that the trouble working with cryptocurrency businesses is unworthy. With the revenue they will bring, others have declared.
These efforts make it not economical to serve the cryptocurrency industry. Although there is no legal prohibition, there is a function ban, but Mr. Austin Campbell, a assistant professor at the Business School and CEO at the Crypto WSPN Payment Company, in his testimony.
At a separate hearing session held by the same National Assembly Commission on February 12, those who proposed the theory of activities of Chokepoint 2.0 has received the latest thing that has not been confirmed by the discrimination of the discrimination of the treatment of Electronic cryptocurrencies, Caitlin Long, CEO in Customia, a bank focused on cryptocurrencies in a bank focused on an electronic cryptocurrency in one one Continuous licensing dispute With the Federal Reserve.
We all encountered their complaints and width. We do not tell the banks that they cannot bank some people or anything similar. But we are listening anyway (cryptocurrency companies are being denied bank accounts), Mr. Powell, president of the Federal Reserve, said in his testimony. I took at least some of them. We need to understand it and prevent it from happening.
However, not everyone believes that the conspiracy is the most likely explanation for caution or aversion to cryptocurrencies between banks.
I don't believe there is any conspiracy. You have a real concern about money laundering, fraud and terrorist sponsorship with cryptocurrencies.