A survey by the Alternative Investment Management Association (AIMA) reveals that 75% of crypto hedge funds face barriers in accessing banking services, prompting a reaction from Coinbase's Chief Legal Officer Paul Grewal.
Debanking of the Crypto Market
According to the AIMA survey, traditional investment managers like those dealing with real estate do not face such issues. The survey of 20 non-crypto alternative investors showed no problems with banking service access. AIMA calls for collaboration to address these challenges.
Support for Operation Chokepoint 2.0
The AIMA report supports the theory of Operation Chokepoint 2.0, suggesting a campaign aiming to restrict banking services for the crypto industry. US regulators sent letters to banks discouraging them from providing services to crypto firms, aiming to suppress the digital assets industry domestically.
Coinbase Seeks FDIC Documents Revelation
Coinbase is actively pursuing the disclosure of documents that demonstrate the FDIC's intention to restrict crypto banking services. Partially available 'pause letters' were acquired through a Freedom of Information Act (FOIA) request. Paul Grewal emphasized the importance of these letters in supporting the operation's existence.
The AIMA survey highlights significant challenges crypto hedge funds face in accessing banking services, requiring joint efforts for resolution. The documents obtained by Coinbase confirm existing restrictions from the FDIC.
