Debanking of crypto companies – The word sounds ugly, and even worse in its meaning. And yet, according to the Blockchain Association, cryptographic companies in the USA would be victims of an orchestrated debanking. Helped by numerous assaults led by US regulation in recent weeks against the crypto ecosystem, the Blockchain Association, calls for an investigation.
What if it was all just an attack on Bitcoin and cryptocurrencies?
The sounds of corridors were already echoing in our lines, supported by the closure Forced Signature Bank. The bank – not yet insolvent at the time – was she closed for her idyll with cryptocurrencies?
This is what the Blockchain Association, a non-profit organization in the United States dedicated to the adoption and promotion of blockchain technologies. To do this, the latter filed several FOIAs ( Freedom of Information Actlaw on access to information in French) with the EDF and some FDIC.
Understand that the targets are not innocent. These are the two toughest regulators in the context of the current banking crisis. There Federal Reserve (Fed) and the Federal Deposit Insurance Corporation (FDIC) having ceased in recent months to torment cryptocurrencies, stablecoins, and above all the different financial devices that support them.
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Would US regulation be a threat to cryptocurrencies?
In order to remove these doubts, this procedure therefore allows the American lobby to have access to the documents and communications which caused the decisions of the regulators. Their objective would then have been to orchestrate a debanking of the various cryptographic players present on American soil.
The words of Kristin SmithCEO of Blockchain Association, reported by our colleagues from The Block also underline this fear of a private crypto ecosystem of banking access:
“We see smoke that indicates a fire – FOIA requests aim to uncover the truth behind the potential debanking of crypto businesses in the US, including learning about possible account closures of law-abiding companies”
The Fed, like the FDCI, did not comment on this procedure. However, various speeches last week highlight the US policeman’s strong opinion on the world of cryptography and cryptocurrencies. Let us also remember the words of Barney Frank. The former member of the American Congress and member of the board of directors of the Signature Bank, lamented, faced with the forced closure of Signature Bankthat the regulation “ wanted to send the message that crypto is toxic. »
While the various institutions continue to search for a culprit in the face of the collapse of a banking system that some still thought was infallible a few weeks ago, Bitcoin does not seem to know the crisis. It even takes on colors, driven by a deplorable macroeconomic context reminding us only too well of the origins of its creation.
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