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 mentioned that Coinbase’s Freedom of Data Act (FOIA) requests uncovered situations the place the FDIC requested banks to freeze crypto providers
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 means overbroad redactions. They usually 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 lots 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 obtained 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 things 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 laborious 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.”
Based on investor and crypto advocate Nic Carter, the unredacted letters prove the FDIC pressured dozens of monetary 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 a minimum of 25 letters asking banks to indefinitely pause or curtail:
– Bitcoin and Ethereum purchase/promote merchandise for financial institution shoppers
– non-public 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’ companies as shoppers (letter 16)
– Bitcoin-backed lending
– offering depository providers to stablecoins
– issuing debit playing cards with Bitcoin money again.”
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