Blockchain Association’s Fight for Transparency: Demands More Information on Banking Closures Through FOIA Requests

"Association Files Freedom of Information Law Requests to Federal Housing Finance Agency and New York Department of Financial Services"

The Irish Blockchain Association has recently filed Freedom of Information Law requests to the Federal Housing Finance Agency and the New York Department of Financial Services. This comes after filing for further information from the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency a little over a month ago.

The association is seeking to uncover more information about the involvement of banks in the cryptocurrency industry. Specifically, they are looking for information on the relationships between banks and cryptocurrency companies, as well as the extent to which banks are involved in the development of blockchain technology.

The requests come at a time when the cryptocurrency industry is facing increased scrutiny from regulators around the world. Many governments are concerned about the potential risks associated with cryptocurrencies, such as money laundering and terrorist financing. As a result, many countries are implementing stricter regulations on the industry.

The Irish Blockchain Association believes that it is important for regulators to have a better understanding of the relationship between banks and cryptocurrency companies. They argue that this information will help regulators to develop more effective regulations that will protect consumers while also allowing the industry to thrive.

The association is not the only group seeking more information on this topic. In the United States, the Senate Banking Committee recently held a hearing on the regulation of cryptocurrencies. During the hearing, lawmakers questioned representatives from the cryptocurrency industry about their relationships with banks and the steps they are taking to prevent illegal activities.

The Irish Blockchain Association is hoping that their requests for information will provide regulators with a more complete picture of the cryptocurrency industry. They believe that this will help regulators to make more informed decisions about how to regulate the industry in the future.

Overall, the requests for information from the Irish Blockchain Association represent a growing trend of increased scrutiny of the cryptocurrency industry. As the industry continues to grow and evolve, it is likely that regulators will continue to seek more information about the risks and benefits of cryptocurrencies.

Martin Reid

Martin Reid

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