Crypto An Exit? US Banks Share Data With FBI Without Legal Process

The principles that allow the creation of crypto are similar to those that proclaim the need to protect people’s privacy. In the US, several developments suggest this privacy could be in danger, as it is the nascent industry that could provide an alternative to the current financial system.

US Banks Snitched On Clients, What’s The Role Of Crypto?

In a report from Reason, there is an update about a legislative process that began on June 12, 2023. The US House Judiciary Committee is investigating major financial institutions in the country due to a potential breach of customer privacy.

The government entity subpoenaed Citigroup, JPMorgan Chase, PNC Financial Services, Truist, Bankcorp, Wells Fargo, and Bank of America for allegedly handing out information about their clients “voluntarily.” Specifically, the latter of these entities supposedly helped the Federal Bureau of Investigation (FBI) identify individuals without going through the standard legal process.

The report stated the following, quoting an official announcement by the House Judiciary Committee:

Individuals who had previously purchased a firearm with a BoA product were reportedly elevated to the top of the list.

The government is now extending its investigation into Citibank and its activities related to similar practices. These actions might have endangered its clients’ private information by ignoring necessary legal steps.

BTC’s price is moving sideways on the daily chart. Source: BTCUSDT on Tradingview

US Regulators “Intimidate” Crypto Companies

The Reason report highlights the increased surveillance of US citizens since the PATRIOT Act, potentially breaching civil liberties. The relationship between banks and law enforcement is a concerning indicator.

Another indicator is the actions of the US Securities and Exchange Commission (SEC), the Department of Treasury, and the Dep

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Author: Reynaldo Marquez

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