Blockchain Association files further FOIA requests over banking closures
More Freedom of Information Act (FOIA) requests seeking information on recently closed crypto-friendly banks have been submitted by cryptocurrency advocacy group the Blockchain Association (BA) to two regulators.
On April 14, the Association said that in addition to the FOIA requests, it has also filed Freedom of Information Law (FOIL) requests to the Federal Housing Finance Agency (FHFA) and the New York Department of Financial Services (NYDFS).
The organization is seeking further information on the de-banking of crypto companies following the seizure of Signature Bank and the failure of Silvergate Bank.
The BA said that its request to the NYDFS was to:
The Association also reported that it was investigating whether the failure of Silvergate “was the result of a politically-motivated decision by the Federal Home Loan Bank of San Francisco, which is overseen by the FHFA, to take the extraordinary and unusual action of pulling a loan made to Silvergate only months earlier.”
1/ Following last month's FOIA requests to investigate the possible de-banking of crypto firms, today, BA submitted additional public information requests to the FHFA and NYDFS.https://t.co/x6sPRkUhBx pic.twitter.com/ZSeCSBiIaR
In early March, Silvergate’s parent company announced it would “wind down operations” for the crypto and tech-focused bank. Its peer Silicon Valley Bank collapsed on March 10 following a bank run, and the Treasury, Federal Reserve, and other agencies closed Signature Bank on 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 on March
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