Blockchain Affiliation information additional FOIA requests over banking closures

Extra Freedom of Info Act (FOIA) requests searching for info on lately closed crypto-friendly banks have been submitted by cryptocurrency advocacy group the Blockchain Affiliation (BA) to 2 regulators.

On April 14, the Affiliation said that along with the FOIA requests, it has additionally filed Freedom of Info Legislation (FOIL) requests to the Federal Housing Finance Company (FHFA) and the New York Division of Monetary Providers (NYDFS).

The group is searching for additional info on the de-banking of crypto firms following the seizure of Signature Bank and the failure of Silvergate Financial institution.

The BA stated that its request to the NYDFS was to:

“Search to know whether or not the closure of Signature Financial institution was the results of the financial institution’s insolvency or a call to ship an anti-crypto message regardless of the financial institution being absolutely solvent.”

The Affiliation additionally reported that it was investigating whether or not the failure of Silvergate “was the results of a politically-motivated choice by the Federal Residence Mortgage Financial institution of San Francisco, which is overseen by the FHFA, to take the extraordinary and strange motion of pulling a mortgage made to Silvergate solely months earlier.”

1/ Following final month’s FOIA requests to analyze the doable de-banking of crypto corporations, right this moment, BA submitted extra public info requests to the FHFA and NYDFS.https://t.co/x6sPRkUhBx pic.twitter.com/ZSeCSBiIaR

— Blockchain Affiliation (@BlockchainAssn) April 14, 2023

In early March, Silvergate’s mum or dad firm introduced it could “wind down operations” for the crypto and tech-focused financial institution. Its peer Silicon Valley Financial institution collapsed on March 10 following a financial institution run, and the Treasury, Federal Reserve, and different companies closed Signature Financial institution on March 12.

The Affiliation initially filed for further information from the Federal Deposit Insurance coverage Company (FDIC), the Board of Governors of the Federal Reserve System and the Workplace of the Comptroller of the Foreign money (OCC) concerning the de-banking on March 16.

On April 16, the Blockchain Affiliation and the DeFi Training Fund filed a brief in a United States District Courtroom over the sanctioning of Twister Money.

Associated: Crypto regulation decided by Congress, not the SEC: Blockchain Association

The Blockchain Affiliation is an advocacy and lobbying group for the crypto sector, with round 100 members that embody trade executives, traders, firms, organizations, and tasks.

In 2022 the Affiliation spent $1.9 million lobbying the U.S. authorities according to marketing campaign finance knowledge agency OpenSecrets.

Cointelegraph contacted the Blockchain Affiliation for additional particulars however didn’t instantly obtain a response.

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