For illustration, James Murphy used the example of the Fed’s rejection of an application to open an account from the crypto bank Custodia and the process of consideration of proposals from the Coinbase exchange by the SEC that dragged on for an indefinite period.
The standard procedure for processing an application to open a primary account with the Federal Reserve is about five to seven business days. However, Custodia Bank faced an inexplicable delay of 20 months, followed by a categorical refusal. The expert believes that this pattern of delays and denials is strikingly similar to how the SEC handled Coinbase's petition to develop crypto regulation rules.
“The Fed's response to Custodia Bank's announcement, especially when taken in conjunction with similar regulatory actions by the SEC, suggests a coordinated effort to limit the integration of digital assets,” argues James Murphy.
The crypto expert is confident that government resistance to cryptocurrency innovation is deeper in nature, raising serious concerns about the impartiality of the verification process and reflecting hidden bias against the entire crypto sector of the economy.
Earlier, Bloomberg analyst Elliott Stein said that the largest American cryptocurrency exchange Coinbase has a good chance of getting at least one important point of the US Securities and Exchange Commission (SEC) lawsuit rejected in court.
Source: Bits
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