The Home Committee on Oversight and Authorities Reform needs entry to unredacted paperwork from the Federal Deposit Insurance coverage Company (FDIC) to research allegations that banks had been intentionally de-banking the crypto trade.
Final month, the FDIC released redacted paperwork associated to its supervision of crypto-related actions, which embody the so-called “pause letters” despatched to 24 banks in addition to communications and data involving different regulated establishments.
In his letter to FDIC performing chairman Travis Hill, Home Oversight Committee Chairman James Comer (R-Ky) requests unredacted copies of the paperwork.
“The Committee requests unredacted variations of the aforementioned doc and different beforehand launched pause letters to higher perceive the connection between related monetary establishments and authorities regulators and their respective approaches to crypto-related actions.”
Hill has criticized the FDIC’s method to crypto through the Biden administration, saying that the company created an impression that it was closed to establishments fascinated about digital property.
Comer says the committee shares Hill’s concern that regulatory hurdles deterred banks from partaking in crypto actions.
“The Committee is worried that overreach by authorities regulators might have arbitrarily suppressed industries they deemed unfavorable, impacting enterprise operations by stopping entities from accessing money to satisfy payroll or driving technological and monetary innovation abroad.”
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