Court Document Exposes Intense US Government Crackdown on Crypto through FDIC and Coinbase Conflicts
by aria-crypto.com
January 6, 2025 at 16:12
Court Document Exposes Intense US Government Crackdown on Crypto through FDIC and Coinbase Conflicts
Coinbase's Chief Legal Officer, Paul Grewal, revealed that unredacted letters indicate an aggressive push by the FDIC to stifle various crypto activities. The Freedom of Information Act requests by Coinbase brought to light attempts by the FDIC to get banks to suspend their crypto services. Grewal shared on social media that retrieving these unredacted letters required a court order, confirming a government-led initiative to limit crypto growth in the US. The documents uncovered, often referred to as Operation Chokepoint 2.0, proved a deliberate effort to halt not just basic Bitcoin transactions but also more intricate cryptocurrency operations. Investor and crypto advocate Nic Carter pointed out that these documents showed at least 25 requests by the FDIC to financial institutions, urging a pause or complete cessation of services related to Bitcoin and other crypto assets. Among the affected services were buy/sell operations of Bitcoin and Ethereum, private and public blockchain settlements, and the issuance and management of stablecoins and crypto assets by banks. These revelations have led to calls for new Congressional hearings to scrutinize the FDIC's overreaching actions in the crypto sector.
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