The Chief Lawyer of Us Crypto Exchange Coinbase (Coin) Tesified About the Abuse of Authority from regulators who ereced barriers Between Banks and Crypto Firms in a Hearing of the House Financial Services Committee on Thursday, Marking the Latest Advance in the Digital Assets Resistance to politicians in Washington.
The complaints of Chief Coinbase Paul Paul Grewal concerning “exhaustion regulations” were welcomed by a large agreement on the part of the Republican legislators wishing to criticize the cryptographic performance of the Biden administration. The legislators also agreed with Grewal’s point of view according to which financial regulators such as the FDIC publicly insisted that they were not against the crypto while moving private banks from the industry.
The hearing of the Chamber, led by the subcommittee for the surveillance of the panel, came directly to the heels of a hearing of the Banque Committee on Wednesday which also dug the crypto “to disassemble” in the United States
“Biden regulators have used interpretative regulatory letters threatening banks with negative scores and fines if they continue their partnership with digital asset companies,” said representative Dan Meuser, a Republican of Pennsylvania who heads the subcommittee of the Chamber. “This is a serious overcoming, which not only undermines innovation, but directly harms consumers by limiting their access to new beneficial financial products.”
Meanwhile, the Democrats of the Panel reported concerns with the efforts of Cryptographic Affairs of President Donald Trump and pushed the argument that banks against links with the volatile and launched sector was appropriate.
“The regulators asking the banks to consider the risk associated with the cryptocurrency industry do not constitute debanrage, as my republican friends indicate,” said representative Al Green, a Texas legislator who is the Democrat of Subcommittee classification. “The regulators simply urged banks to be cautious when they deal with this emerging and potentially risky industry.”
A frustrated judge
As the question was placed in the light of the Congress examination for the second consecutive day, Coinbase was rushed into a combination of positive court and a reversal of the policy of the FDIC. The legal pursuit of the FDIC Documents Company under Freedom of Information Act not only left, but a judge of the American district district court was exasperated on the way the FDIC has resisted The request for communications with banks on crypto.
Read more: the American regulator told banks to avoid crypto, the letters obtained by Coinbase Reveal
An FDIC lawyer had asked Judge Ana Reyes to give additional time while the agency adapts under a new leadership, but the judge refused, saying: “I don’t care about it.” She argued that the position of the FDIC on the case had been “laughable”, according to a transcription of the court, and that it wanted not only to refuse the delay but “accelerate considerably”. The judge also demanded responses to the accusations that the regulator may have destroyed documents related to the case.
“Do you understand this right now if I find – and there will be an investigation – that documents have been destroyed or if we cannot determine if documents have been destroyed, are you going to come for serious sanctions?” The judge judge asked.
Reversal of the FDIC
The FDIC jumped to publish more documents before the deadline for the court this week, and the acting president Travis Hill, that President Donald Trump raised when he took office last month, said that He had ordered the agency staff to examine supervision communications with banks on the crypto. The regulator has publicly published “a large share of documents” in the meantime, he said.
“The acting president Hill has started to correct this evil,” said Coinbase Leader -Chief Director Paul Grewal in a publication on the X social media site, adding that “many more discoveries are necessary” .
Although the FDIC has taken a large part of the heat for the efforts of American banking regulators to limit the exposure of banks to cryptographic customers, senator Cynthia Lummis revealed an internal document of the Federal Reserve during a hearing on Wednesday which , according to her, provided “proof of the castle of the operation”. This is the name that the industry has adopted to characterize all the informal actions behind the scenes undertaken by regulators to put pressure on American banks to unlock crypto. The Fed policy seemed to suggest a regulatory examination of bankers who engaged in controversial speeches or activities.
The interest of the Chamber’s Financial Services Committee will continue next week with an audience of February 11 entitled “A golden age of digital assets: trace a way to follow”. This “Golden Age” sentence echoes the cryptography of Trump, David Sacks, said the industry came for his first press conference.
