The Chamber of Digital Commerce is writing to encourage Congress to support Section 10 of the SAFER Banking Act. This provision is a critical step in addressing the de-banking issue faced by the blockchain industry. Federal banking agencies must prioritize the safe and sound operation of banks and credit unions while refraining from using personal beliefs or political motives to restrict access to financial services. By providing clear guidelines, transparency, and accountability, it ensures that legitimate blockchain businesses have the necessary access to financial services to thrive, innovate, and contribute to the broader economy. This section strikes a balance between regulatory oversight and the need for financial inclusion, supporting the growth of a sector with immense potential to transform industries and improve financial services for all. As a representative of the blockchain industry, we wholeheartedly endorse it.  

Every business requires steadfast banking partners to flourish. Section 10 of the SAFER Banking Act champions this by ensuring access to financial services, while upholding risk-based customer diligence and suspicious activity monitoring. It distinctly outlines the criteria for deposit account termination, stressing that mere reputation risk is insufficient for such actions. This is especially vital for blockchain enterprises, which often confront undue prejudice due to their innovative nature. 

Moreover, the Act mandates Federal banking regulators to provide a clear legal rationale in writing when proposing the termination of a deposit account, ensuring transparency and upholding due process. This, coupled with reviews by Inspectors General, instills an essential layer of accountability, preventing unwarranted actions against blockchain entities. 

In essence, Section 10 of the SAFER Banking Act adeptly addresses the de-banking concerns of the blockchain sector. By offering clarity, transparency, and accountability, it paves the way for legitimate blockchain businesses to access vital financial services, fostering innovation and economic contribution. This provision harmoniously balances regulatory supervision with financial inclusivity, propelling a sector poised to revolutionize industries and enhance financial services universally.  

We urge Congress to recognize the significance of this Act and join us in supporting Section 10.