In an effort to determine how regulators' actions "improperly contributed" to the failure of three banks, the group filed FOIA (Freedom of Information Act) requests.
The United States-based crypto advocacy group Blockchain Association called on financial regulators to share information relating to the potential "de-banking of crypto companies" in the wake of the failures of the Signature, Silicon Valley Bank and Silvergate banks.
The Federal Deposit Insurance Corporation, the board of governors of the Federal Reserve System, and the Office of the Comptroller of the Currency have all received requests under the Freedom of Information Act from the Blockchain Association for documents and communications that may demonstrate how regulators' actions "improperly contributed" to the failure of the three banks. CEO of the Blockchain Association Kristin Smith asserts that cryptocurrency businesses in the United States "should be regarded like any other law-abiding business" with access to bank accounts. The group added:
"BA is investigating serious charges — including account closures and reluctance to open new accounts — which have gotten more worrying in the aftermath of this week's financial crisis, which long-time crypto opponents have hurried to falsely blame on the technology."
The group also stated that "BA is investigating severe allegations, including account closures and unwillingness to register new accounts," which have grown more concerning in the wake of this week's financial crisis, which longtime crypto opponents have raced to incorrectly attribute to the technology.