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Coinbase Chief Legal Officer: FDIC Still Trying to Block Public Crypto Banking Charter Application
BlockBeats News, August 1st, Coinbase Chief Legal Officer Paul Grewal revealed that a motion has been filed with a federal court accusing the Federal Deposit Insurance Corporation (FDIC) of systematically obstructing the disclosure of documents related to "Operation Chokepoint 2.0." Court documents show that despite being ordered four times to cooperate, the FDIC still refused to fully disclose the "suspension letters" requesting banks to suspend cryptocurrency-related transactions between 2020 and 2024.
Internal policy documents confirm that the FDIC instructed staff to "withhold in full" documents covered by the exemption clause of the Freedom of Information Act, without distinguishing between factual and analytical material. Coinbase accuses the agency of adopting an "extremely narrow interpretation," only searching for documents submitted to the Inspector General's office, resulting in the overlooking of numerous key records. During a January hearing, the FDIC admitted to not having a record retention system for FOIA litigation. This legal battle has already forced the FDIC to disclose hundreds of pages of documents, revealing that banks faced "widespread resistance" when engaging in cryptocurrency-related activities. With the Trump administration advocating for crypto-friendly policies, Coinbase indicates that tracing these "historically improper actions" is to ensure they are not repeated.
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