'For years crypto businesses have been plagued with an inability to establish and maintain banking relationships – a situation downstream of a general lack of regulatory clarity,' danielgkuhn writes. Column for PolicyWeek
are facing increasing pressure to stand aside from the crypto industry. While it might sound like a positive thing for a movement looking to establish a parallel financial system – one bound by code rather than human intervention – the return to a lack of bank access would be devastating for many in crypto.
All of this cuts counter to the trend of crypto-friendly banks stepping back from the industry. These few, relatively small regional institutions saw digital assets as an opportunity for growth and have summarily been battered by the market downturn. Metropolitan Commercial Bank, which counted 6% of its deposits from crypto companies, will cut ties by the end of the year with its crypto clients in light of “recent developments” and regulatory shifts.
Meanwhile, three U.S. governmental institutions published a letter at the beginning of the month strongly discouraging banks from dealing in crypto. In a Jan. 3 joint statement, the U.S. Federal Reserve, Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency said issuing or holding cryptocurrencies, tied to public, decentralized networks, was"highly likely to be inconsistent with safe and sound banking practices.
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