- Mike Ring, CEO of Old Glory Bank, testified that US regulators are pressuring crypto custody banks.
- Ring stated that the FDIC and SEC have collaborated in announcing regulations on crypto deposit services.
- The FDIC, which is monitoring banks that have previously provided crypto-related services, has disclosed this information in documents.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
According to Eleanor Terrett, a Fox Business reporter, on the 5th (local time), Mike Ring, CEO of Old Glory Bank, which was established in 2022 to address de-banking issues, testified at a United States Senate hearing on de-banking (the practice of banks unilaterally freezing accounts related to crypto assets) as follows.
He claimed, "Regulators have been pressuring banks that act as crypto custody institutions and have collaborated with various agencies, including the Federal Deposit Insurance Corporation (FDIC) and the Securities and Exchange Commission (SEC), to curb demand for deposit services."
He further emphasized, "It is no coincidence that the FDIC announced the related regulation FIL-16-2022 in 2022, and the SEC simultaneously announced SAB 121 in the same year."
Previously, the newly formed leadership of the FDIC had released documents indicating that they have been monitoring banks that have provided or attempted to provide crypto-related services.

JH Kim

reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.PiCK News
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