Supervisory organization Better Markets opposes allegations by US government entities of de banking cryptocurrency companies

Odaily Planet Daily News: In a written statement released prior to the hearing of the Oversight and Investigations Subcommittee of the House Financial Services Committee (HSFC) on February 6, Shayna Olesiuk, head of banking policy at Wall Street watchdog group Better Markets, criticized some lawmakers and cryptocurrency industry leaders for their alleged attempts by US government entities to unbank cryptocurrency companies in a program known as "Operation Choke Point 2.0". Olesiuk stated that the Federal Deposit Insurance Corporation (FDIC) is responding to fintech companies' false and misleading statements regarding deposit insurance coverage. The FDIC issued a letter to banks in 2022 recommending the suspension of all activities related to cryptocurrency assets. According to Olesiuk, the 22 letters sent by the FDIC to cryptocurrency companies since 2022 are not binding, but rather warnings of possible enforcement actions. "Current banking rules limit the amount of information that can be publicly shared about the reasons for account closure, but if banks are required to explain the reasons for account closure, the likelihood of misunderstandings or malicious or discriminatory conclusions being drawn when closing accounts will be reduced