Financial holding company JPMorgan has closed the accounts of the founder of decentralized exchange Uniswap, Hayden Adams, without notice or explanation.
Adams has said that his case is not the first among workers in the cryptocurrency industry.
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Former CFTC commissioner Brian Quintenz has explained that under the model agreement, the bank has the right not to disclose the reasons for terminating the relationship.
He has suggested JPMorgan's actions could be interpreted as a tacit agreement by the Fed or the OCC to block crypto industry representatives from accessing the traditional banking system.
An "interagency sprint" involving the Fed, FDIC and OCC was launched in May 2021 and will continue in 2022. The outcome of these efforts will be the definition of each regulator's areas of responsibility and the construction of a cooperation mechanism.