Coinbase has put allegation on The Federal Deposit Insurance Corporation (FDIC) of trying to convince banks to not indulge into crypto services.
According to Coinbase’s Chief Legal Officer, they have discovered more than 20 instances of the FDIC warning banks not to provide cryptocurrency banking services.
The attempt comes as one of the many ways that Coinbase has used to make sure that the sector remains free from the clutches of regulators and state authorities.
The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by the Congress to maintain stability and public confidence in the nation’s financial system.
Coinbase’s Previous Allegations On SEC, Kamala Harris
Singing in the same tone, SEC Chairman Gary Gensler and Senator Elizabeth Warren had come under fire from Coinbase CEO Brian Armstrong, who claimed that they were trying to “illegally” stifle the cryptocurrency market in the US.
The remarks made by the CEO of Coinbase underscore the increasing conflict between proponents of cryptocurrencies and regulatory agencies, especially the SEC, which has been more involved in monitoring the digital asset market.
The efforts by the crypto giant comes as more and more people in the industry are trying to gauge the distasteful remarks by those in power.
The allegations had resulted in Kamala Harris, the Democratic candidate, adopting a more pro-crypto stance and intending to replace Gary Gensler with candidates who are more supportive of the cryptocurrency sector.
US Crypto Markets Look Forward Towards Elections: Will Crypto Policies Prevail?
Amid all the allegations and accusations, the American crypto market is keenly looking towards the upcoming elections, in hopes that those who take power this time won’t be so averted towards the virtual asset market.
In light of this, Donald Trump has also proposed a bold plan to lower the country’s soaring $35 trillion debt using cryptocurrencies. In an interview with Fox News’ Maria Bartiromo, Trump suggested using Bitcoin or a “crypto check” to settle the debt in order to prevent a financial crisis.
The strategy reflects Trump’s renewed interest in digital assets and his belief that American innovation in the cryptocurrency space is critical to the nation’s competitiveness.
Additionally, Trump’s announcement that, should he be elected again, he would guarantee the government never sold its Bitcoin assets presented the Bitcoin industry with a chance to expand even further.
With both the political parties trying to sway crypto voters, the decision of who takes over the white house will have a lot of say from those who identify themselves as “pro-crypto” voters.