The unredacted letters reveal that FDIC has been exerting pressure on its banking members. In order to cease or avoid offering standard Bitcoin services alongside more intricate crypto solutions. These documents were compiled in response to Coinbase’s FOIA request. Which was made after the website reported that some crypto-friendly banks restrict deposits to 15%.
FDIC’s Position
The FDIC shared a 2022 internal memo on its supervisor guidance on banking crypto-engaged financial institutions. However, Chairman Martin Gruenberg insists the agency is not the one that is denying crypto banking access. Furthermore, the relationships present in such organizations are exposed to enhanced supervisory oversight.
Regulatory Impact
The documents highlight existing allegations that pointed to continuation of Operation Chokepoint 2.0 that targets and reduces servicing of the crypto industry by banks. When the second request was made, two more letters were found.
Industry Response
Many CEOs of the crypto sector companies are keen on reforming the banking access with the expectation that the Trump government will change the policy. It is for this reason that Grewal calls for Congressional hearings on these regulatory issues.
Document Revelations
The released documents reveal problems concerning the conflict between governmental supervision and crypto banking services, implying there was more effort to limit simply crypto services than was believed so far.
