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regulatory scrutiny intensifies as banks distance from crypto firms

Banks are increasingly distancing themselves from the crypto industry, citing regulatory scrutiny and the need to mitigate risks associated with potential illegal activities. This trend, often referred to as "derisking," has led to significant account closures for crypto entrepreneurs, raising concerns about a possible repeat of the controversial Operation Chokepoint initiative from the Obama Administration. Critics argue that this could stifle legitimate businesses while regulators maintain that their actions are necessary to protect the banking system's stability.
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United States Dollar JPMorgan Chase & Co. Silvergate Bank BANK Signature Bank USA French Hill Tim Scott Tyler Winklevoss Nic Carter Julie Hill Paul Grewal Martin Gruenberg Show more
Regulatory & Legal, Transcript
18:56 12.12.2024
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