Federal deposit insurance company (FDIC) is not transparent in its role in the CokkePoint 2.0 process, which is a period of claiming that encryption and technology companies have rejected banking services under the Biden Administration, according to the chief legal official of Coinbase, Paul Gharwal.
On March 8 x stringGrewal called the agency for its rejection again and again to provide details about how to ensure that no repression documents are destroyed.
“One of our requests related to the representation of FDIC in a hearing before the court that the agency has conducted “due care” to ensure that no documents are destroyedJarwal books.
According to Grewal, Coinbase asked FDIC to provide an example of the due care it has, but the agency failed to do this and face a problem to explain its confirmation to the court.
FDIC documents raise concerns
Grewal continued to criticize FDIC due to the revision of large parts of documents related to the agency’s treatment of coding banking policies.
“In response to our requests to obtain FDIC guidelines or policies on addressing the requests of the Freedom of Information Law, directly related to our policy or practice calls, the agency produced only excerpts from some documents that have nothing to do with anything that has nothing to do with the policies or practices specified to practice freedom of information that limits the amended complaint. What exactly do they hide?question.
The lawyer also stated that 53 pages of documents were completely revised, while many others were severely controlled by a “incomprehensible” degree. When Coinbase requested an explanation, FDIC is said to have refused to provide one for most of the transferred materials.
he subscriber A court of Coinbase was submitted to the courts to suspend a period of FDIC to answer a modified complaint of the illegal information law practices, on February 12.
*History Histors suggest that the court must reside in this case, and requests a deposit on specific cases that FDIC refused to address, and asks the agency to respond to the modified History Associats so that litigation for claims can move forward quickly, “
The conclusion of his thread, Grewal, the legislators, including Senator Tim Scott, French actor Hill, Senator Kirsten Gilbrand, and actor Richie Torres, called for “verification” if the actions of FDIC differ from the procedures of the previous administration under the Chairman of the FDIC Martin Gropberg.
OCC relieves banking restrictions on encryption
Grewal comments come against the background of the coding summit in Washington, where President Donald Trump has pledged to end restrictions on the arrival of encryption companies to banking services.
Speaking at the top of the White House encryption, Trump believes he was “ending the CokkePoint 2.0 process.”
“My administration also ends the federal bureaucracy war on Crypto, which was really continuing during BidenTrump said.
like I mentioned By Cryptopolitan, after the White House Crypto Summit, the Currency Observer Office (OCC) has updated its guidance to the financial institutions that serve the encrypted currency companies.
The new policy gives banks greater independence in assessing and reducing risks related to encryption services, which leads to the unlike previous restrictions that require pre -organizational approval.
“OCC expects that banks will have the same powerful controls for risk management to support new banking activities as they do with traditional activities,“Currency Observer Rodney E. Hood said in a statement.
“Today’s work will reduce the burden on banks to participate in encryption activities and ensure that these banking activities are constantly treated by OCC, regardless of basic technology“
to update guidance It cancels a condition from the previous explanatory message to OCC No. 1179, issued in November 2021, which imposed on banks to obtain prior approval before providing encryption services such as custody or Stablecoin payments or the distributive professor’s notebook transactions.
Now, banks can independently decide how to deal with the digital asset industry without direct regulatory permission.
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