{"id":297284,"date":"2023-02-09T13:00:22","date_gmt":"2023-02-09T13:00:22","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=297284"},"modified":"2023-08-02T14:17:58","modified_gmt":"2023-08-02T13:17:58","slug":"us-authorities-allegedly-using-banks-to-crack-down-on-crypto-nic-carter","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/us-authorities-allegedly-using-banks-to-crack-down-on-crypto-nic-carter\/","title":{"rendered":"US authorities allegedly using banks to crack down on crypto \u2013 Nic Carter"},"content":{"rendered":"

CoinMetrics co-founder Nic Carter<\/a> alleged that the U.S. government is using the banking sector to execute a widespread crackdown against the crypto industry.<\/p>\n

Nic Carter said in a Jan. 8 guest post for PirateWires<\/a> that crypto firms are finding it increasingly difficult to obtain access to onshore banking systems due to unfriendly government regulations. Carter said:<\/p>\n

“Specifically, the Biden administration is now executing what appears to be a coordinated plan that spans multiple agencies to discourage banks from dealing with crypto firms.”<\/p><\/blockquote>\n

For context, anti-crypto lawmaker Elizabeth Warren reportedly issued a letter to Silvergate on Dec. 6, reprimanding the firm for providing banking services to FTX.<\/p>\n

Barely 24 hours later, the crypto-friendly Signature bank informed its customers that it would shut down<\/a> their crypto accounts and return their money. As a result, Binance announced that it would only process<\/a> fiat transactions worth more than $100,000.<\/p>\n

In a similar move, Metropolitan Commercial Bank announced a total shutdown of its crypto-related services.<\/p>\n

Furthermore, the Federal Reserve reportedly denied<\/a> crypto bank Custodia's application to become a member of the Federal Reserve System due to high risk.<\/p>\n

From a policy perspective, the Fed, the FDIC, and the OCC released a joint statement<\/a> on Jan. 3 stating the risks banks face by engaging with crypto firms. Banks were strongly discouraged from doing so, citing “safety and soundness” risks.<\/p>\n

Although the authorities did not openly ban banks from dealing with crypto clients, Carter said that the stringent policies and the DOJ's recent investigations<\/a> against Silvergate serve as a deterrent to other banks.<\/p>\n

Carter further explained that the recent regulatory faceoff with crypto firms could be a resurgence of Operation Choke Point (OCO)<\/a>. In 2013, federal officials used OCO to apply pressure on banks to shut down accounts of businesses they were ideologically opposed to.<\/p>\n

As a result, many Poker companies and Payday lenders found out that their bank accounts were terminated with little explanation aside from “regulatory pressure.”<\/p>\n

Carter cautioned that if U.S. regulators don't reconsider their pressure on banks, they risk losing more crypto businesses and U.S. investors to regions with less sophisticated jurisdictions.<\/p>\n","protected":false},"excerpt":{"rendered":"

CoinMetrics co-founder Nic Carter alleged that the U.S. government is using the banking sector to execute a widespread crackdown against the crypto industry. Nic Carter said in a Jan. 8 guest post for PirateWires that crypto firms are finding it increasingly difficult to obtain access to onshore banking systems due to unfriendly government regulations. Carter […]<\/p>\n","protected":false},"author":1378,"featured_media":322130,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nUS authorities allegedly using banks to crack down on crypto \u2013 Nic Carter<\/title>\n<meta name=\"description\" content=\"The Fed, FDIC, and OCC had earlier released a joint statement to caution banks against engaging with crypto firms. citing "safety and soundness" risks.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/us-authorities-allegedly-using-banks-to-crack-down-on-crypto-nic-carter\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US authorities allegedly using banks to crack 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