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Blockchain Association Requests Information on Cryptocurrency “De-Banking”

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Blockchain Association Requests Information on Cryptocurrency De-Banking

According to reports, the Blockchain Association, one of the cryptocurrency lobbying groups, has sent a Freedom of Information Act (FOIA) request to the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) to provide documents and communications related to cryptocurrency “de banking.”. It is reported that the requirements of the Freedom of Information Act are aimed at uncovering the truth behind the possibility of US cryptocurrency companies going to banking business, including more understanding of the situation where legally compliant cryptocurrency companies may close accounts.

The Blockchain Association requires FDIC and the Federal Reserve to disclose documents related to encrypted “de banking”

Analysis based on this information:


The Blockchain Association, a cryptocurrency lobbying group, has sent a Freedom of Information Act (FOIA) request to three government agencies – the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) – to provide documents and communications related to “de-banking” in the cryptocurrency industry. This request comes as a response to the increasing scrutiny and challenges faced by cryptocurrency companies that operate within the traditional banking system.

De-banking refers to the practice of banks closing accounts held by cryptocurrency companies without warning or explanation. This has become a widespread issue, with many legally compliant cryptocurrency companies experiencing sudden account closures or refusals to open accounts. This has resulted in significant disruptions to their operations and has limited their ability to scale and expand their businesses. The Blockchain Association’s FOIA request seeks to uncover the truth behind these account closures and better understand the circumstances under which they occur.

The request aims to shed light on the possibility of cryptocurrency companies going into the banking business, a move that would allow them to avoid the de-banking issue and operate their own financial services. This would give them greater control over their financial assets, and enable them to better serve their customers. However, this move would also require significant regulatory approval, and it is unclear if US regulators are ready to support such a move.

The Blockchain Association has been a vocal advocate for cryptocurrency regulation and has worked with policymakers to develop frameworks that promote innovation in the industry while ensuring consumer protection. This FOIA request is a continuation of their efforts to advocate for a more transparent and fair playing field for cryptocurrency companies in the traditional banking system.

In conclusion, the Blockchain Association’s FOIA request is a significant step towards addressing the de-banking issue faced by the cryptocurrency industry. It highlights the need for greater transparency and regulatory clarity in this area, and underscores the importance of collaboration between government agencies and industry players to foster innovation and growth in the cryptocurrency sector.

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