Crypto adoption is rapidly growing but facing banking woes, which a non-profit organization wants to address. This non-profit seeks answers to the banking hurdles faced by cryptocurrencies and is aimed at creating a more inclusive financial system. As the popularity of digital currencies continues to soar, the non-profit is advocating for clearer regulations and guidelines to protect investors and ensure transparency. With the rise of decentralized finance, it’s becoming increasingly important to iron out the complexities of cryptocurrency banking and allow more individuals to participate in the financial system.
The Blockchain Association, a non-profit organization based in the United States, has requested information from regulators concerning the debanking of crypto companies. This move comes after several prominent actors in the sector lost access to accounts and the ability to process fiat currency transfers. The collapse of the Silicon Valley Bank, Silvergate, and Signature have further complicated matters for the industry, as they have lost significant financial partners. The Blockchain Association claims that federal agencies may have improperly contributed to the failures of these pro-crypto banks. The association has urged affected companies to share information through a dedicated email address. Some community members suspect that the US government is conducting a cover operation on the industry, known as “Operation Chokepoint 2.0,” in an attempt to restrict the industry’s financial capabilities by cutting off access to US banks.