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Coinbase’s Chief Legal Officer Paul Grewal clarified the status of the information received from the FDIC regarding the stop letters sent to financial institutions under Operation Chokepoint 2.0. He noted that the insights obtained from the FDIC shed light on the ongoing situation.
Coinbase CLO: FDIC Impedes Crypto Banking
Grewal added that the FDIC has begun sharing documents related to the stop letters issued to financial institutions as per the Freedom of Information Act (FOIA) requests. “Slowly but surely, the situation is becoming clearer,” he stated. He emphasized that the content revealed is an embarrassing example of a government agency attempting to obstruct American companies’ access to finance through legal means.
Coinbase Challenges Regulators, Demands Clear Crypto Rules
Last week, Coinbase submitted multiple FOIA requests to the FDIC to address regulatory uncertainties. This move is viewed as part of the company’s quest for clear guidance from the U.S. government regarding the regulation of digital assets. The purpose of the request was to obtain documents concerning any restrictions the FDIC may impose on the amount of digital assets held by American depository institutions.
In June, Coinbase filed a lawsuit against the SEC and FDIC, compelling the release of documents related to investigations into the crypto market. These lawsuits are considered a subsequent step in Coinbase’s ongoing battle with the SEC.
Grewal pointed out that the FDIC’s pressure on financial institutions to completely abandon crypto-related activities adds another layer of complexity. Coinbase Global Inc continues to oppose the SEC’s enforcement-based regulatory strategies and recently submitted an Amicus Brief on behalf of the DeFi Education Fund and Beba.
These developments underline the critical importance of regulatory transparency and clarity in the cryptocurrency industry. Coinbase’s efforts may serve as a significant example for other companies in the sector.
