Top US-based crypto exchange Coinbase’s Freedom of Information Act (FOIA) requests are uncovering more instances where the U.S. Federal Deposit Insurance Corporation (FDIC) asked banks to freeze crypto services.
In a new thread on the social media platform X, Coinbase chief legal officer Paul Grewal says the revealed information confirms the notion that the US government was attempting to undermine the digital assets industry was not a conspiracy theory.
“The letters that show Operation Chokepoint 2.0 wasn’t just some crypto conspiracy theory. FDIC is still hiding behind way overbroad redactions. And they still haven’t produced more than a fraction of them.”
One example included in the documents reveals FDIC assistant regional director Joseph A. Meade asking an unnamed bank in Dallas, Texas, to pause its crypto activities in 2022 because the FDIC “has not determined what, if any, regulatory filings will be…
