Tyler Winklevoss Criticizes US Federal Reserve’s Enforcement Action Against Crypto-Friendly Bank
Customers Bank, a crypto-friendly bank, has recently come under fire from the US Federal Reserve for allegedly violating anti-money laundering laws. However, Tyler Winklevoss, co-founder of Gemini, a cryptocurrency exchange, has criticized the enforcement action, stating that it creates a choke point for crypto companies trying to get a new bank account.
Winklevoss argues that the decision to enforce anti-money laundering laws should be decentralized across the entire banking industry, rather than being solely in the hands of the Federal Reserve. He believes that this would allow for a more fair and transparent process, as well as prevent any one entity from having too much control over the industry.
Furthermore, Winklevoss claims that the allegations made by the Federal Reserve against Customers Bank are vague and unsupported by proof. He argues that the bank has been unfairly targeted and that the real concern and purpose of the Federal Reserve is to gain control over Customers Bank’s decision-making process.
Customers Bank has been known for its support of the cryptocurrency industry, with its CEO stating that the bank is “committed to being a leader in the digital currency space.” However, the recent enforcement action by the Federal Reserve has put the bank’s future in question.
Winklevoss believes that this is a concerning development for the crypto industry as a whole, as it creates a barrier for companies looking to enter the space. He argues that the banking industry needs to be more open and accepting of the crypto industry, rather than trying to stifle its growth.
Overall, Winklevoss’ criticism of the US Federal Reserve’s enforcement action against Customers Bank highlights the need for a more decentralized and transparent process when it comes to enforcing anti-money laundering laws in the banking industry. It also raises important questions about the relationship between the banking industry and the crypto industry, and whether or not they can coexist in a mutually beneficial way.
