Coinbase Blames FDIC for Refusal to Cooperate in Operation Choke Point 2.0
The post Coinbase Blames FDIC for Refusal to Cooperate in Operation Choke Point 2.0 appeared on BitcoinEthereumNews.com.
Crypto exchange Coinbase has stated that the Federal Deposit Insurance Cooperation (FDIC) has refused to cooperate in Operation Choke Point 2.0 investigation while denying transparency on their part. While other agencies like the U.S. Office of the Comptroller of the Currency (OCC) rolled back in 2020 guidance, agencies like the FDIC have been reluctant on this matter. Coinbase CLO Blames FDIC for Refusal on Transparency In a message on the X platform, Coinbase CLO Paul Grewal lashed out at the FDIC for its refusal to cooperate and resist basic transparency efforts towards unwinding of the Operation Choke Point 2.0. This operation major led to the debanking of crypto companies with the goal of leaving them dry of liquidity. Speaking on it, Grewal wrote: “They haven’t gotten the message. Despite a huge week for crypto across the rest of the federal government, on this late Friday night over at FDIC staff still continue to resist basic transparency into Operation Chokepoint 2.0”. The crypto exchange asked the regulatory agency on how they conducted the “due diligence” to ensure no documentation related to the event was destroyed. However, according to Grewal, the agency has “repeatedly refused” to provide this information. He also stated that FDIC has been withholding key information related to its Freedom of Information Act (FOIA) practices, and has only provided “snippets from a few documents” that appear unrelated to the specific FOIA policies or practices challenged in the amended complaint filed by History Associates. “What exactly are they hiding?” Grewal questioned FDIC, highlighting concerns over the agency’s transparency in handling FOIA requests. Developments in Operation Choke Point 2.0 Elimination Fox Business journalist Eleanor Terret stated that the recent White House Crypto Summit highlights major regulatory changes that would be coming to the crypto industry. During his remarks at the event,…
Filed under: News - @ March 9, 2025 12:21 am