Coinbase’s chief authorized officer Paul Grewal says that unredacted letters present that the Federal Deposit Insurance coverage Company (FDIC) was trying to sabotage all kinds of exercise within the crypto business.
Grewal beforehand mentioned that Coinbase’s Freedom of Info Act (FOIA) requests uncovered situations the place the FDIC requested banks to freeze crypto providers
Mentioned Grewal on the time,
“The letters that present Operation Chokepoint 2.0 wasn’t just a few crypto conspiracy principle. 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 courtroom order to unredact most of the letters, there may be 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 courtroom order however now you can learn them for your self… They present a coordinated effort to cease all kinds of crypto exercise — all the pieces from fundamental BTC transactions to extra complicated choices.
Notice 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 exhausting to consider 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 at once.”
In accordance with investor and crypto advocate Nic Carter, the unredacted letters show the FDIC pressured dozens of economic establishments to pause or curtail providers involving Bitcoin (BTC) and different crypto belongings.
“So in abstract, we now have it on file that between 2022 and 2023 the FDIC despatched out not less than 25 letters asking banks to indefinitely pause or curtail:
– Bitcoin and Ethereum purchase/promote merchandise for financial institution purchasers
– personal blockchain settlement networks
– public blockchain settlement for financial institution shopper transfers
– permissioned stablecoin issuance
– the holding of crypto belongings and NFTs by banks
– onboarding of ‘ecosystem’ corporations as purchasers (letter 16)
– Bitcoin-backed lending
– offering depository providers to stablecoins
– issuing debit playing cards with Bitcoin money again.”
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