The main lawyer of Coinbasa de Cryptographic Exchange of the USA , marking the last advance in the reversal of the digital asset industry of the digital asset industry in Washington.
The complaints of the legal director of Coinbase Paul Grewal about the “Regulation for Exhaustion” were fulfilled with a broad agreement of the Republican legislators anxious to criticize the cryptographic performance of the Biden Administration. The legislators also agreed with Grewal’s opinion that financial regulators such as the FDIC publicly insisted that they were not against cryptography while they directly directed banks away from the industry.
The Chamber Audience, led by the panel supervision subcommittee, arrived directly after a Banking Committee on Wednesday’s Senate Committee that also dug in “debate” cryptography in the United States.
“Biden regulators resorted to vague interpretive regulatory cards that threate The camera. “This is a great overreach, one that not only undermines innovation, but directly harms consumers by restricting their access to new and beneficial financial products.”
Meanwhile, the Panel Democrats marked the concerns with their own commercial cryptocurrency efforts from President Donald Trump and backed off the argument that the warning to the banks against ties with the volatile sector and with fraud was appropriate.
“Regulators asking banks to consider the risk associated with the cryptocurrency industry do not equal debate, as my republican friends indicate,” the representative told Green, a Texas legislator who is the subcommittee’s classification democrat. “Regulators simply urged banks to have caution when dealing with this emerging and potentially risky industry.”
A frustrated judge
As the problem was placed in the light of the scrutiny of Congress for the second day that is executed, Coinbase has been enjoying a combination of feeling of the positive court and a reversal of the Fdic policy. The legal search for the company’s FDIC documents under the Law on Freedom of Information has not only gone to its path, but a judge in the United States District Court for the Columbia district was enraged on the form in which the FDIC resisted the request of their communications with the banks on Crypto.
Read more: the American regulator told banks to avoid cryptography, letters obtained by Coinbase Revel
An Fdic lawyer had asked Judge Ana Reyes to give some extra time while the agency fits under a new leadership, but the judge refused, saying: “I don’t care who her administration is.” She argued that the position of the FDIC on the case had been “ridiculous”, according to a judicial transcription, and that he wanted not only to reject the delay but “dramatically accelerate it.” The judge also demanded answers about accusations that the regulator may have destroyed documents related to the case.
“Do you understand that at this time if I find, and there will be an investigation, that any document was destroyed or if we cannot understand if any document was destroyed, you will enter through some serious sanctions?” Asked the judge.
Change of the FIC
The Fdic jumped to publish more documents before the deadline of the court this week, and the interim president Travis Hill, who President Donald Trump raised by assuming the position last month, said he ordered the agency staff to review the communications of the communications of Supervision with crypto banks. Meanwhile, the regulator publicly published “a large lot of documents,” he said.
“The interim president Hill has begun to correct this badly,” said the legal director of Coinbase, Paul Grewal, in a publication on the social media site X, adding that “much more discovery is required.”
While the FIC has taken much of the heat for the efforts of the United States bank regulators to limit the exposure of banks to cryptographic customers, Senator Cynthia Lummis revealed an internal document of the Federal Reserve at an audience on Wednesday that, according to her, provided “Operation Operation Test.” That is the name that the industry has adopted to characterize the set of informal actions behind the scene undertaken by regulators to press US banks to debate Crypto. The Fed policy seemed to suggest regulatory scrutiny for bankers who participate in a speech or controversial activities.
The interest of the Chamber’s Financial Services Committee will continue next week with a February 11 hearing entitled “A Golden Age of Digital Assets: Draw a path to follow.” That “golden age” phrase echoes what Trump’s cryptographic tsar, David Sacks, said he would reach the industry at his first press conference.
