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FDIC Releases Documents on Crypto Debanking Ahead of Congressional Hearing

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The post FDIC Releases Documents on Crypto Debanking Ahead of Congressional Hearing appeared first on Coinpedia Fintech News

Just ahead of the scheduled congressional hearing on banking practices and financial access, the Federal Deposit Insurance Corporation (FDIC) released 175 documents related to its supervision of banks that engaged in, or sought to engage in, crypto-related activities as per a recent press release. 

Notably, the documents show regulators resisting, with banks experiencing delays, additional information requests, and orders to halt or limit their blockchain and crypto operations.

Acting FDIC Chairman Travis Hill said releasing these documents will improve transparency. The move also seeks to go beyond the requirements of the Freedom of Information Act (FOIA).

The FDIC had earlier shared 25 “pause” letters sent to 24 institutions exploring blockchain and crypto. The new documents include more correspondence with these institutions and additional communications with other banks that were not previously listed.

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