Blockchain Assoc. Seeks Details On Bank Closures
More The Blockchain Association, a group that supports cryptocurrencies, has sent two regulators Freedom of Information Act requests for details on recently shut down crypto-friendly institutions.
A little over a month after initially requesting more information from the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency, the association announced on April 14 that it had submitted Freedom of Information Law requests to the Federal Housing Finance Agency and the New York Department of Financial Services.
Following the seizure of Signature Bank and the bankruptcy of Silvergate Bank, the group is looking for more information regarding the de-banking of cryptocurrency enterprises. The association also reported that it was investigating whether 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.”
(With inputs from Shikha Singh)
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