Few question that cryptographic companies had problems with access to financial services in the USA – anecdotes are too much. But he remains for Congress to strongly determine why. While Trump and other politicians They have spoken in terms that suggest that the DhoKepunt 2.0 theory has been proven categorically, no documentary evidence or confidential testimony has yet appeared.
At the hearing carried out by the House Committee on Financial Services on February 6, the discussion has returned many times 700 pages of documents Issued by FDIC, partly in response to the request submitted in accordance with the Act on the freedom of information by Crypto Exchange Coinbase. Documents chronic FDIC communication with cryptography banks during the Biden presidency.
The document load contains lists in which FDIC ordered banks to stop plans to provide various cryptographic services for customers. In other examples, the regulator presented long lists of questions to banks on their cryptographic activities.
Banks have no clear instructions to deduct bills or withdraw from cryptographic companies in documents, but Industry managers argued The fact that the impression resulting from banks of general suspicion towards cryptocurrencies in FDIC had the same practical effect.
“Pause’s letters show that banks did not give in to the regulation by the exam, but regulations by exhaustion,” said Paul Grewal, legal director at Coinbase in his testimony. “You had a question after asking the question.”
The perceived implication that FDIC would probably surrendered cryptaric banks for increased control, was sufficient for financial institutions to decide that the problem with cryptographic activities was not worth the revenues they bring, the others say.
“These efforts make the service of the cryptographic industry uneconomical. Although there is no legal prohibition, there is a functional prohibition, “argued Austin Campbell, assistant professor at NYU Stern School of Business and CEO in Crypto Paimements Company WSPN.
During a separate hearing carried out by the same Congress Commission on February 12, supporters of the theory of Operation DhoKepunt 2.0 received the closest confirmation of discrimination with which the cryptographic enterprises stand, claims that Caitlin Long, general director of Custody, a bank focused on cryptography in cryptography in ongoing license dispute from the federal reserve.
“We are all struck by the number of complaints and their width … We do not tell banks that they cannot bank some people or anything. But we hear [that crypto companies are being refused bank accounts]- said Powell, chairman of the federal reserve in his testimony. “I think at least some of them as true. We have to understand this and refrain from it. “
However, not everyone believes that the conspiracy is the most likely explanation of caution or aversion to cryptocurrencies among banks.
“I do not believe that there was any conspiracy,” says Mercedes Tunstall, partner of the Cadwalader law firm, previously an admixture at Bank of America and HSBC. “You have a real concern for money laundering, fraud and terrorist financing that take place with cryptocurrency.”