Extra Freedom of Data Act requests in search of info on not too long ago closed crypto-friendly banks have been submitted by cryptocurrency advocacy group the Blockchain Affiliation to 2 regulators.
On April 14, the affiliation said that it had filed Freedom of Data Regulation requests to the Federal Housing Finance Company and the New York Division of Monetary Companies, somewhat over a month after initially filing for further information from the Federal Deposit Insurance coverage Company, the Board of Governors of the Federal Reserve System and the Workplace of the Comptroller of the Foreign money.
The group is in search of additional info on the de-banking of crypto firms following the seizure of Signature Bank and the failure of Silvergate Financial institution.
The BA stated that its request to the NYDFS was to:
“Search to grasp whether or not the closure of Signature Financial institution was the results of the financial institution’s insolvency or a call to ship an anti-crypto message regardless of the financial institution being absolutely solvent.”
The affiliation additionally reported that it was investigating whether or not the failure of Silvergate “was the results of a politically-motivated resolution by the Federal Dwelling Mortgage Financial institution of San Francisco, which is overseen by the FHFA, to take the extraordinary and strange motion of pulling a mortgage made to Silvergate solely months earlier.”
In early March, Silvergate’s mum or dad 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. The Treasury, Federal Reserve, and different businesses closed Signature Financial institution on March 12.
On April 16, the Blockchain Affiliation and the DeFi Training Fund filed a brief in a United States District Court docket over the sanctioning of Twister Money.
Associated: Crypto regulation decided by Congress, not the SEC: Blockchain Association
The Blockchain Affiliation is an advocacy and lobbying group for the crypto sector, with round 100 members that embrace business executives, buyers, firms, organizations, and tasks.
In 2022, the affiliation spent $1.9 million lobbying the U.S. authorities, according to marketing campaign finance information agency OpenSecrets.
Cointelegraph contacted the Blockchain Affiliation for additional particulars however didn’t instantly obtain a response.
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