Coinbase’s chief authorized officer Paul Grewal says that unredacted letters present that the Federal Deposit Insurance coverage Company (FDIC) was making an attempt to sabotage all kinds of exercise within the crypto business.
Grewal beforehand stated that Coinbase’s Freedom of Info Act (FOIA) requests uncovered cases the place the FDIC requested banks to freeze crypto companies
Said Grewal on the time,
“The letters that present Operation Chokepoint 2.0 wasn’t just a few crypto conspiracy concept. FDIC continues to be hiding behind approach overbroad redactions. And so they nonetheless haven’t produced greater than a fraction of them.”
Grewal now says on the social media platform X that after utilizing a court docket order to unredact lots of the letters, there’s clear proof of a deliberate effort by the federal government to stifle the expansion of crypto within the US.
“We lastly received the unredacted OCP 2.0 letters from [the FDIC]. It took a court docket order however now you can learn them for your self… They present a coordinated effort to cease all kinds of crypto exercise — all the things from fundamental BTC transactions to extra complicated choices.
Be aware that FDIC magically discovered TWO extra pause letters on this search after saying earlier than that it had complied with an earlier Court docket order. It’s onerous to imagine of their good religion when their sweater additional unravels each time we pull on the thread. The brand new Congress ought to launch hearings on all this immediately.”
In response to investor and crypto advocate Nic Carter, the unredacted letters prove the FDIC pressured dozens of economic establishments to pause or curtail companies involving Bitcoin (BTC) and different crypto property.
“So in abstract, we now have it on document that between 2022 and 2023 the FDIC despatched out a minimum of 25 letters asking banks to indefinitely pause or curtail:
– Bitcoin and Ethereum purchase/promote merchandise for financial institution shoppers
– personal blockchain settlement networks
– public blockchain settlement for financial institution shopper transfers
– permissioned stablecoin issuance
– the holding of crypto property and NFTs by banks
– onboarding of ‘ecosystem’ corporations as shoppers (letter 16)
– Bitcoin-backed lending
– offering depository companies to stablecoins
– issuing debit playing cards with Bitcoin money again.”
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