Blockchain Association information additional FOIA requests over banking closures
Extra Freedom of Data Act (FOIA) requests in search of info on just lately closed crypto-friendly banks have been submitted by cryptocurrency advocacy group the Blockchain Association (BA) to 2 regulators.
On April 14, the Association said that along with the FOIA requests, it has additionally filed Freedom of Data Regulation (FOIL) requests to the Federal Housing Finance Company (FHFA) and the New York Division of Monetary Providers (NYDFS).
The group is in search of additional info on the de-banking of crypto firms following the seizure of Signature Financial institution and the failure of Silvergate Financial institution.
The BA stated that its request to the NYDFS was to:
“Seek to understand whether the closure of Signature Bank was the result of the bank’s insolvency or a decision to send an anti-crypto message despite the bank being fully solvent.”
The Association additionally reported that it was investigating whether or not the failure of Silvergate “was the result of a politically-motivated decision by the Federal Home Loan Bank of San Francisco, which is overseen by the FHFA, to take the extraordinary and unusual action of pulling a loan made to Silvergate only months earlier.”
In early March, Silvergate’s mother or father firm introduced it could “wind down operations” for the crypto and tech-focused financial institution. Its peer Silicon Valley Financial institution collapsed on March 10 following a financial institution run, and the Treasury, Federal Reserve, and different companies closed Signature Financial institution on March 12.
The Association initially filed for additional info from the Federal Deposit Insurance coverage Company (FDIC), the Board of Governors of the Federal Reserve System and the Workplace of the Comptroller of the Forex (OCC) relating to the de-banking on March 16.
On April 16, the Blockchain Association and the DeFi Schooling Fund filed a short in a United States District Courtroom over the sanctioning of Twister Money.
Associated: Crypto regulation determined by Congress, not the SEC: Blockchain Association
The Blockchain Association is an advocacy and lobbying group for the crypto sector, with round 100 members that embody business executives, traders, firms, organizations, and initiatives.
In 2022 the Association spent $1.9 million lobbying the U.S. authorities according to marketing campaign finance knowledge agency OpenSecrets.
Cointelegraph contacted the Blockchain Association for additional particulars however didn’t instantly obtain a response.
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