US regulators campaign to separate crypto market from banks

In a joint communiqué in the Custodia Bank v. Federal Reserve case, the former senior officials pointed out that despite the fact that the cryptocurrency industry is in dire need of banking services, federal regulators have waged and are still waging a campaign against it.

They pointed out that the U.S. banking regulator Office of the Controller of Currency has issued an informal regulation restricting banks' ability to work with cryptocurrency companies due to unrealistic requirements for financial institutions.

Thus, according to former officials, the U.S. federal government is doing everything to prevent the industry from developing as in other countries, trying to put the market under strict financial control.

If there is a change of administration in the White House following the November elections, the policy of financial strangulation of the crypto market will finally be stopped.

For now, the industry is suffering from a lack of funds, and this is another reason why bitcoin and other cryptocurrencies show high volatility with any negative news.