- Financial Services Committee Members Demand Access to Internal Correspondence
- They suspect that the “Choke Point 2.0” operation was launched against the cryptocurrency business
- Previously, the FDIC, OCC and the Fed have repeatedly hinted to banks that ties with this sector are fraught with possible losses.
Three members of the House Financial Services Committee sent letters to the heads of the FDIC and OCC. In them, the “reds” demand to provide all the necessary information as part of an investigation into possible coordinated efforts of departments to isolate the cryptocurrency segment in the banking field.
IN circulation to Martin J. Grunberg (FDIC) and Michael J. Hsu (OCC), the authors refer to the so-called “Choke Point” operation. This is an initiative of the US Department of Justice to investigate the links of financial counterparties in the US with the “gray sector”.
This federal project was covered by the WSJ magazine. Among other things, the portal found information about how the FDIC and OCC “strongly recommended” individual banks to cut ties with a particular sector.
The authors of the letters believe that a similar operation was launched against the cryptocurrency segment. And its first “victims” were SVB, Signature and Silvergate Capital.
“Today we are seeing a resurgence of coordinated action by federal prudential regulators to stifle innovation in the US. There is no clearer example of this than the digital asset sector.”
Politicians demand that they be given access to internal interdepartmental correspondence. As justification, they cite explanatory letters from the FDIC and OCC, as well as a joint statement with the Fed warning banks about the excessively high risk of working with cryptocurrency companies.