Coinbase Chief Legal Officer Paul Grewal reached out to X to demand answers after learning from the AIMA survey that 75% of crypto hedge funds are having trouble accessing basic banking services. None of the traditional alternative investment managers (e.g. real estate) had similar problems with the banks.
Grewal’s X contribution raises questions that have been circulating in the media for some time. You’ve probably heard about Operation Choke Point 2.0 or read about the redacted documents published by Coinbase in which the Federal Deposit Insurance Corporation openly calls on banks to halt all cryptocurrency-related operations. The Alternative Investment Management Association (AIMA) survey report provides a new statistical basis for these concerns. In addition to Grewal, AIMA also calls for action in the press release.
The survey took place in October and its results are worrying. Before moving on to the key takeaways from the press release, we should emphasize that, according to AIMA, exposure is an issue unique to crypto hedge funds. AIMA surveyed 20 other non-cryptocurrency alternative investors and none of them had problems accessing basic banking services.
The most important findings from the AIMA press release
The most important points from the…
