Extra Freedom of Info Act (FOIA) requests searching for data on lately closed crypto-friendly banks have been submitted by cryptocurrency advocacy group the Blockchain Affiliation (BA) to 2 regulators.
On April 14, the Affiliation stated that along with the FOIA requests, it has additionally filed Freedom of Info Regulation (FOIL) requests to the Federal Housing Finance Company (FHFA) and the New York Division of Monetary Providers (NYDFS).
The group is searching for additional data on the de-banking of crypto firms following the seizure of Signature Financial institution and the failure of Silvergate Financial institution.
The BA stated that its request to the NYDFS was to:
“Search to know whether or not the closure of Signature Financial institution was the results of the financial institution’s insolvency or a choice to ship an anti-crypto message regardless of the financial institution being totally solvent.”
The Affiliation additionally reported that it was investigating whether or not the failure of Silvergate “was the results of a politically-motivated resolution by the Federal Dwelling Mortgage Financial institution of San Francisco, which is overseen by the FHFA, to take the extraordinary and weird motion of pulling a mortgage made to Silvergate solely months earlier.”
1/ Following final month’s FOIA requests to research the doable de-banking of crypto companies, as we speak, BA submitted extra public data requests to the FHFA and NYDFS.https://t.co/x6sPRkUhBx pic.twitter.com/ZSeCSBiIaR
— Blockchain Affiliation (@BlockchainAssn) April 14, 2023
In early March, Silvergate’s dad or mum firm introduced it could “wind down operations” for the crypto and tech-focused financial institution. Its peer Silicon Valley Financial institution collapsed on March 10 following a financial institution run, and the Treasury, Federal Reserve, and different companies closed Signature Financial institution on March 12.
The Affiliation initially filed for additional data from the Federal Deposit Insurance coverage Company (FDIC), the Board of Governors of the Federal Reserve System and the Workplace of the Comptroller of the Foreign money (OCC) concerning the de-banking on March 16.
On April 16, the Blockchain Affiliation and the DeFi Training Fund filed a quick in a United States District Court docket over the sanctioning of Twister Money.
Associated: Crypto regulation determined by Congress, not the SEC: Blockchain Affiliation
The Blockchain Affiliation is an advocacy and lobbying group for the crypto sector, with round 100 members that embrace business executives, buyers, firms, organizations, and initiatives.
In 2022 the Affiliation spent $1.9 million lobbying the U.S. authorities in accordance to marketing campaign finance information agency OpenSecrets.
Cointelegraph contacted the Blockchain Affiliation for additional particulars however didn’t instantly obtain a response.
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