How to force FDIC banks to stop services for encryption customers
On February 5, 2025, Federal Deposit Insurance Corporation issued 175 FDIC correspondence documents in the Biden era before the hearing of the US Senate Republican Party committee on encryption companies. New documents reveal new details of the so -called “Point 2.0”.
After Trump’s inauguration, a supportive team of the FDIC and Coinbase took over the alleged battle against Debanking for companies that operate with the encrypted currency.
In 2024, Coinbase filed a lawsuit against FDIC. This step allowed the company to use the Freedom of Information Law to force the agency to issue some of its correspondence with financial institutions. FDIC has released part of the documents that have been greatly revised now known as “temporary suspension letters”.
These messages showed that FDIC was pressing financial institutions to stop all the operations of companies that use encrypted currencies, and effectively strip them of the right to use banking services without a suitable reason. This practice has strengthened the increasing concerns of “Operation ONCKE POINT 2.0” under the democratic administration.
The new FDIC team criticizes their ancestors and has voluntarily issued new documents, without related to Coinbase practices that practice freedom of information.
What is within the new batch of FDIC correspondence
175 other FDIC documents for the version were collected after the review under the new chair, Travis Hill. The date of release coincides with The beginning of the Senate session Entitled “Investigating the true effects of Debanking in America”. Documents may be an additional evidence of FDIC’s efforts dating back to the Biden era to prevent companies dealing with coded currency from banking services.
Recently released documents revealed that FDIC pressed more companies to photograph Crypto customers. Bank efforts have been met to resist or ask additional questions with silence from FDIC that can last for several months. On some occasions, FDIC sent directives to comment or refrain from all the encryption activity or Blockchain completely.
Paul Groal, who was active and vocal in the battle against Crypto’s customers, to X, who was active and vocal in the battle against Crypto customers, to show many excerpts and comment on them on many published documents. He compared the FDIC actions to implement and described them as “an organization by exhaustion.”
The documents show that in cases where banks and FDIC conducted agreements that limit services to Crypto customers, the company made efforts to cancel these agreements and achieve broader restrictions.
FDIC was consistent in claiming banks burning from the support of customers participating in encryption transactions despite all the efforts made by financial institutions to persuade the Salama and Safety Agency for these transactions. Based on the available documents, banks lost this battle and stopped all operations with companies dealing with Crypto. It does not mean refusing to conduct encryption transactions that customers were preparing banking services.
FDIC cited the risk of reputation, fluctuation of encryption and consumer protection as reasons for some customers’ rejection of their right to use banks.
An unexpected ally
In the February 5 session, both Democrats and Republicans agreed that the issues in which they achieved witnessed an unfair denial of banking services for political reasons. Surprisingly, even Senator Elizabeth Warren, who is often visual As an explicit enemy of encrypted currencies, I intervened to investigate the unfair Debanking and take action.
He sent Warren a A message to President Trump She expressed her willingness to work with the president, President Tim Scott, and the Congress to stop Dephaning. In the message, some of its results share. According to its analysis, in three years, there were thousands of unfair Debanking cases, and more than half of the complaints are linked to four banks: Bank of America, JPMorgan Chase, Wells Fargo and Citigroup.
It is important that her speech does not mention cryptocurrencies at all, which means that Warren is using the encryption community agenda with no expression of its position on the encrypted currency.
What next?
Now that the FDIC and the government have become Coinbase, it is likely that the CRYPYPTO control operations will be stopped to repeat the previous FDIC. The hostility of the two parties towards Debanking initiatives is a strong indication of change.
Based on the press statement, we can photograph an approximate image of future relations between FDIC and the encryption industry. According to Tafis Hill, FDIC will “re -evaluate [their] The supervisory approach to encryption activities. It includes several points. First, you will replace the company Financial Foundation (FIL) 16-2022. This message is committed to all institutions supervised by FDIC to notify it about any association with the activity of the encrypted currency and provide information for review. As we see now, after these reviews, banks were forced to stop working with Crypto customers.
FDIC will work closely with the president’s working group in digital asset markets. Hill stresses that FDIC will continue to adhere to safety and safety principles.
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2025-02-06 00:20:00
