Blockchain Association Submits FOIA Request to Investigate De-banking of Crypto Firms

Washington, D.C., March 16, 2023 – Today, Blockchain Association (BA) submitted Freedom of Information Act (FOIA) requests to the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency, requesting documents and communications involving the de-banking of crypto firms in the United States. 

BA is investigating allegations of de-banking – including account closures and refusal to open new accounts – and actions by regulators that may have improperly contributed to the failures of Signature, Silicon Valley Bank, and Silvergate.

“The crypto industry is building the next generation of the internet and financial services. This is important work that has created tens of thousands of American jobs. Businesses need bank accounts to pay employees, vendors, and taxes,” said Blockchain Association CEO Kristin Smith. “These are lawful businesses in the United States and should be treated like any other law-abiding business.” 

Additionally, BA is asking all impacted crypto industry participants to come forward and submit their story confidentially to [email protected] as BA gathers industry input and information.

About Blockchain Association: Blockchain Association is the collective voice of the cryptocurrency industry. Our members include the sector’s leading investors, companies, and projects, working together to support a future-forward, pro-innovation national policy and regulatory framework for the crypto economy. Find us at Follow us @BlockchainAssn.