Blockchain Association Lobbying for FOIA Request to Uncover Cryptocurrency “De Banking” Truths

03/17/2023 20:44 • Daily Digest • 85 views

According to reports, the Blockchain Association, one of the cryptocurrency lobbying groups, has sent a Freedom of Information Act (FOIA) request to the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) to provide documents and communications related to cryptocurrency “de banking.”. It is reported that the requirements of the Freedom of Information Act are aimed at uncovering the truth behind the possibility of US cryptocurrency companies going to banking business, including more understanding of the situation where legally compliant cryptocurrency companies may close accounts.

The Blockchain Association requires FDIC and the Federal Reserve to disclose documents related to encrypted “de banking”

Analysis based on this information:

The Blockchain Association has recently sent a Freedom of Information Act (FOIA) request to the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) to provide documents and communications related to cryptocurrency “de banking.” This request is intended to uncover the truth behind the possibility of US cryptocurrency companies going into banking business, as well as gain more understanding of situations where legally compliant cryptocurrency companies are having their accounts closed.

In recent years, the cryptocurrency industry has been plagued with issues such as regulatory compliance, account closures, and banking restrictions. The Blockchain Association, a cryptocurrency lobbying group, is taking action to uncover the truth. The FOIA request they sent aims to gather documents and communications related to the legal and regulatory environment of cryptocurrency banking in the US.

The FOIA request is particularly important as it is aimed at discovering the reasons behind legally compliant cryptocurrency companies having their accounts closed. The Blockchain Association highlights the fact that some banks have closed accounts of legitimate cryptocurrency businesses without any valid reason, disrupting their operations and creating legal and financial difficulties. Moreover, the request also seeks to understand how far cryptocurrency companies can go into the banking business, and how they can overcome regulatory hurdles.

While the cryptocurrency industry is growing rapidly, companies are still struggling with regulatory compliance and account closures. By filing the FOIA request, the Blockchain Association is challenging the FDIC, the Federal Reserve, and the Office of the Comptroller of the Currency to provide transparency and accountability in their dealings with the cryptocurrency industry.

In conclusion, the FOIA request made by the Blockchain Association sheds light on the essential need for clarity and transparency in the cryptocurrency industry. The request aims to understand and resolve issues such as regulatory compliance and account closures, which have plagued the industry for a long time. By doing so, the industry can operate with more efficiency, creating a more stable and sustainable environment for investors and customers alike.

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