While the American senators prepared to meet for an audience about the debate of the customer of cryptographic clients, the interim chief of Federal Deposit Infsence Corp. said that his agency is reviewing his supervision of digital assets and revealed more correspondence on Wednesday in the that the FICD officials moved the business of business cryptocurrencies.
Travis Hill, the interim president of the FDIC used by President Donald Trump, has opened more of the agency’s past documents and said that the US bank regulator will reconsider his previous cryptographic guide that he deliberately kept the banks at the length of what had been seen as the unregulated volatility of crypto. The past letters between the FDIC and the bank have been the focus of a battle of the Court Freedom of Information Law between Coinbase and the Agency, in which the courts had ordered the regulator to share more information.
Meanwhile, Hill said the FDIC “will provide a path for institutions to participate in activities related to crypto and blockchain while adhere to the principles of safety and solidity,” according to a statement issued before Wednesday’s audience in the bank of the Senate. Committee on this subject.
“I ordered the staff to carry out an exhaustive review of all supervision communications with banks that sought to offer products or services related to cryptography,” he said. “While this review remains, we are launching a large lot of documents today, before a deadline ordered by the court court.”
Hill, who will direct the FDIC until Trump presents a permanent candidate, characterized the agency as deliberately impossible for banks to handle cryptography businesses.
“The requests of these banks met almost universally with resistance, ranging from repeated requests of more information, to periods of silence of several months as the institutions expected the answers, to the directives of the supervisors to stop, suspend or refrain To expand all crypto or crypto or activity related to blockchain, “he said.
Read more: American bank should relieve the way for cryptography, Republicans who take reins in the FDIC
When the Senate audience was launched, President Tim Scott, a South Carolina Republican, described the situation in the FDIC in an “unpleasant and discouraging abuse image” and praised Hill’s actions.
At the audience, Nathan McCauley, co -founder and CEO of Crypto Bank Anchorage Digital, of Fedely Chartered Bank, shared his account that Anchorage was cut off the banking relations due to the regulatory pressure.
“To say that this is widespread is euphemism,” he told the senators in his testimony. “It has been throughout the industry, everyone has treated this.”
He called him so common that “he became background noise” in which “it was assumed that if it were a cryptographic company, it would have trouble obtaining banking services.”
He argued that the regulators’ pressure was contrary to what US bankers really wanted to do in the digital asset sector.
“All the big banks wanted to work with Crypto and the regulatory apparatus,” he said.
Senator Elizabeth Warren, the committee’s democratic ranking, sought to highlight the other segments of the American population that are routinely blocked from banking services. But she agreed with the central point of McCauley.
“I don’t believe for a second that you must be closed from our banking system,” he said. “In many cases, it is incorrect that banks close accounts and threaten their ability to pay payroll or pay for rent in time without even providing an explanation, provided that the law follows.”
The Debanking Congress review will continue on Thursday with a hearing of the Chamber Financial Services Committee with a similar agenda. And the cryptographic interest of that committee will continue next week with an audience of February 11 entitled “A Golden Age of digital assets: draw a path to follow.”
Read more: Trump’s cryptographic sacks say the ‘Golden Age’ approaches
Update (February 5, 2025, 18:00 UTC): Add information about more planned congress audiences.
