EddieJayonCrypto
4 Mar 25
The House Committee on Oversight and Government Reform is seeking unredacted documents from the Federal Deposit Insurance Corporation (FDIC) to investigate claims that banks intentionally stopped providing services to the crypto industry. The FDIC had previously released redacted documents related t...
The House Oversight Committee is investigating unredacted FDIC documents regarding banks de-banking the crypto industry. The FDIC had previously released redacted documents related to its oversight of crypto-related activities, including "pause letters" sent to 24 banks. House Oversight Committee Chairman James Comer has requested unredacted copies of these documents to understand the relationship between financial institutions, government regulators, and their approaches to crypto-related activities. FDIC acting chairman Travis Hill has criticized the agency's handling of crypto during the Biden administration, suggesting that it created a perception of being closed to institutions interested in digital assets. Comer shares the concern that regulatory obstacles may have discouraged banks from participating in crypto activities, potentially impacting business operations and driving innovation overseas.
The House Committee on Oversight and Government Reform wants access to unredacted documents from the Federal Deposit Insurance Corporation (FDIC) to investigate allegations that banks were deliberately de-banking the crypto industry. Last month, the FDIC released redacted documents related to its supervision of crypto-related activities, which include the so-called “pause letters” sent to 24 banks as well as communications and records involving other regulated institutions. In his letter to FDIC acting chairman Travis Hill, House Oversight Committee Chairman James Comer (R-Ky) requests unredacted copies of the documents. Hill has criticized the FDIC’s approach to crypto during the Biden administration, saying that the agency created an impression that it was closed to institutions interested in digital assets. Comer says the committee shares Hill’s concern that regulatory hurdles deterred banks from engaging in crypto activities.