Coinbase Chief Legal Officer Paul Grewal says he can see multiple cases where the Federal Deposit Insurance Corporation (FDIC) told banks to stop offering crypto-related services.
In a new thread on the social media platform -action against American banks.
“Slowly but surely the picture is becoming clear. After we filed a lawsuit, the FDIC finally began giving us information regarding our FOIA request about the pause letters it sent to financial institutions as part of Operation Chokepoint 2.0.
In short, the content is an embarrassing example of a government agency trying to cut off financial access to law-abiding American companies. So far, we’ve uncovered more than two dozen examples of the FDIC ordering banks to “pause,” “refrain from offering,” or “not continue” offering crypto banking services.
The public deserves transparency, not an agency working behind a bureaucratic curtain.”
In one example, Eric T. Guyot, assistant regional director of the FDIC’s Dallas regional office, sent a letter to the board of directors of an unnamed bank asking it to pause all crypto-related activities.
“The letter states that the FDIC has received information from the bank regarding a proposed new crypto asset product, describes the nature of the bank’s proposed product, how bank customers will access it and what the product offers.
The letter further states that the FDIC has not yet made any specific decisions regarding that type of activity and asks the bank to pause all crypto asset activity.”
In June, the top US crypto exchange platform sued both the US Securities and Exchange Commission (SEC) and the FDIC, arguing that the regulators were trying to cripple the digital asset industry.
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