U.S Government Warns Banks Dealing With Crypto Market
Coinbase asserted public letters from member banks to the Federal Deposit Insurance Corporation (FDIC) support the idea that the government has been covertly fighting a war against cryptocurrency.
The heavily redacted letters demonstrate how the FDIC told banks providing crypto-related services and products to hold off on doing so until the agency decided how best to regulate them.
Coinbase’s effort to compel the U. S. government by filing numerous legal requests for internal documents at the Federal Deposit Insurance Commission (FDIC) on Monday, to clarify FG’s approach to cryptocurrency.
Documents describing any cap or limit on the number of digital assets that can be held that the FDIC has allegedly placed on American depository institutions. By March 2022, the FDIC told one bank, “We respectfully ask that you pause all crypto asset-related activity.”.
The letters show that in 2022, the FDIC sent out these appeals to banks. Although it was previously known that in early 2022, the FDIC ordered all banks under its supervision to notify the agency if they intended to engage in “crypto-related activities,” it was unclear if the FDIC had given banks explicit instructions to stop doing so.
Coinbase has advocated for the FDIC to reveal cryptocurrency discussions with US banks. FDIC published 23 letters it sent to member banks regarding cryptocurrency in response to a request submitted by Coinbase under the Freedom of Information Act (FOIA), providing the company and the public with some answers to that question on Friday.
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