US Regulator 'Improperly' Pushing Banks to Avoid Serving Crypto Companies, Lawmaker Says

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The Federal Deposit Insurance Corporation (FDIC) may be leaning on banks to prevent them from providing services to cryptocurrency companies, U.S. Sen. Pat Toomey alleged Tuesday, citing whistleblower communications. nikhileshde reports.

banks not to provide services to companies engaging in legal activities like gun sellers.

"According to whistleblower communications that we have corroborated, personnel in the FDIC’s Washington, D.C. headquarters are urging FDIC regional offices to send letters to multiple banks requesting that they refrain from expanding relationships with crypto-related companies, without providing any legal basis for sending such letters," Toomey wrote."...

In a statement, the FDIC said,"The FDIC is acting consistent with longstanding legal authorities to ensure that banks engaging in crypto-related activities are doing so in a safe and sound way that protects consumers. This may involve the FDIC requesting that an institution delay initiating or refrain from expanding crypto-related activities until supervisory feedback is taken into account.

The regulator has published statements before directing banks to be cautious about working with crypto companies., the FDIC published an open letter addressed to any banks or other institutions it oversees, directing them to contact the FDIC before it engages in"a crypto-related activity." The regulator said it would assess the information provided by the bank to check for"safety and soundness," and provide feedback if needed.

"The information requested by the FDIC will vary on a case-specific basis depending on the type of crypto-related activity. However, the initial notification to the FDIC Regional Director should describe the activity in detail and provide the institution’s proposed timeline for engaging in the activity,"

 

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nikhileshde Interesting to _Crypto_Pirates

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🚀 Thankss a millon

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