Blockchain Association files further FOIA requests over banking closures

More Freedom of Information Act (FOIA) requests seeking accusation connected precocious closed crypto-friendly banks person been submitted by cryptocurrency advocacy radical the Blockchain Association (BA) to 2 regulators.

On April 14, the Association said that successful summation to the FOIA requests, it has besides filed Freedom of Information Law (FOIL) requests to the Federal Housing Finance Agency (FHFA) and the New York Department of Financial Services (NYDFS).

The enactment is seeking further accusation connected the de-banking of crypto companies pursuing the seizure of Signature Bank and the nonaccomplishment of Silvergate Bank.

The BA said that its petition to the NYDFS was to:

“Seek to recognize whether the closure of Signature Bank was the effect of the bank’s insolvency oregon a determination to nonstop an anti-crypto connection contempt the slope being afloat solvent.”

The Association besides reported that it was investigating whether the nonaccomplishment of Silvergate “was the effect of a politically-motivated determination by the Federal Home Loan Bank of San Francisco, which is overseen by the FHFA, to instrumentality the bonzer and antithetic enactment of pulling a indebtedness made to Silvergate lone months earlier.”

1/ Following past month's FOIA requests to analyse the imaginable de-banking of crypto firms, today, BA submitted further nationalist accusation requests to the FHFA and NYDFS.https://t.co/x6sPRkUhBx pic.twitter.com/ZSeCSBiIaR

— Blockchain Association (@BlockchainAssn) April 14, 2023

In aboriginal March, Silvergate’s genitor institution announced it would “wind down operations” for the crypto and tech-focused bank. Its adjacent Silicon Valley Bank collapsed connected March 10 pursuing a slope run, and the Treasury, Federal Reserve, and different agencies closed Signature Bank connected March 12.

The Association initially filed for further information from the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency (OCC) regarding the de-banking connected March 16.

On April 16, the Blockchain Association and the DeFi Education Fund filed a brief successful a United States District Court implicit the sanctioning of Tornado Cash.

Related: Crypto regularisation decided by Congress, not the SEC: Blockchain Association

The Blockchain Association is an advocacy and lobbying radical for the crypto sector, with astir a 100 members that see manufacture executives, investors, companies, organizations, and projects.

In 2022 the Association spent $1.9 cardinal lobbying the U.S. authorities according to run concern information steadfast OpenSecrets.

Cointelegraph contacted the Blockchain Association for further details but did not instantly person a response.

Magazine: Crypto Wendy connected trashing the SEC, sexism, and however underdogs tin win