Blockchain Association Investigates De-banking of Crypto Firms in the US, Submits FOIA Requests
The Blockchain Association (BA) has filed Freedom of Information Act (FOIA) requests with the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency.
The requests seek documentation and communication records related to the federal agencies’ de-banking of cryptocurrency firms in the United States.
BA is investigating allegations of de-banking practices, including account closures and denial of new account requests, which may have been improperly influenced by regulators. The investigation focuses on the failures of Signature Bank of New York, Silicon Valley Bank, and Silvergate.
Kristin Smith, CEO of the Blockchain Association, said the cryptocurrency industry is made up of lawful businesses who have created tens of thousands of American jobs. She said they should be treated like any other law-abiding enterprise.
“The crypto industry is building the next generation of the internet and financial services. Businesses need bank accounts to pay employees, vendors, and taxes.” said Kristin Smith, CEO of the Blockchain Association.
BA is encouraging affected crypto industry participants to confidentially submit their individual experiences to [email protected].
The organization aims to collect industry input and information to better support its investigation.
Based in Washington, D.C., the Blockchain Association serves as the collective voice of the cryptocurrency industry, with members comprising leading investors, companies, and projects. Its goal is to establish a pro-innovation national policy and regulatory framework for the crypto economy.
