US regulator warned banks about cryptos - The start of Trump's term is expected to bring changes in regulations
A regulator asked US banks to stop using cryptocurrencies directly, but stopped short of ordering them to stop providing banking services to crypto companies.
A judge ordered the Federal Deposit Insurance Corporation to provide surveillance letters it sent to unnamed banks after History Associates Incorporated, a research firm hired by crypto company Coinbase, sued the agency to make them public.
The corporation originally issued the letters in December, but was ordered by the judge to resubmit them with some minor changes. The new batch of 25 letters includes two additional letters sent to unidentified banks that were not included in the original submission.
The lawsuit is part of a campaign by Coinbase to expose what it and other crypto companies say has been a concerted effort by U.S. banking supervisors to remove crypto companies from the traditional financial system.
In an effort to combat these claims, the Fed detailed how supervisors should evaluate inquiries from lenders seeking to deal directly with crypto assets, versus providing banking services to cryptocurrency companies.
Together, the documents provide a rare glimpse into the confidential process of banking supervision. They suggest that while examiners have been wary of the crypto sector, which has been plagued by fraud, bankruptcies and volatility, they did not order banks to shut down the digital currency sector entirely.
The documents are being released weeks before President-elect Donald Trump's incoming administration lays the groundwork for a crypto policy regulation. Trump is expected to issue an executive order directing bank regulators to be less strict in the sector, potentially as early as his inauguration on January 20.
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