Paul Grewal’s opening statement focused on the FDIC, which allegedly pressured banks to “pause all crypto asset-related activity” in March 2022 and later required self-reporting of crypto services. Despite a January 2023 claim that banks weren’t restricted from serving crypto clients, an Inspector General’s report found the FDIC had failed to conduct promised risk assessments. “Eighteen months later, no such assessments have been publicly identified,” Grewal said.
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