Nov 5, 12:31 AM

Coinbase Accuses FDIC of Pressuring 23 Banks to Drop Crypto Services

Coinbase has accused the Federal Deposit Insurance Corporation (FDIC) of pressuring banks to cease providing services to the cryptocurrency industry. According to Coinbase, the FDIC sent letters to 23 banks, urging them to avoid crypto-related activities in over 20 cases. This revelation is part of what some are calling 'Operation Chokepoint 2.0.' Additionally, the SEC has been actively pursuing enforcement actions against the crypto sector, filing 104 cases since 2021, resulting in $425 million in penalties. In a recent legal victory, Coinbase won a Freedom of Information Act (FOIA) case against the FDIC, compelling the agency to release documents related to these actions. Paul Grewal announced the judge's order in their FOIA case.

#Coinbase #Federal Deposit Insurance Corporation #FDIC #Operation Chokepoint #SEC #Freedom of Information Act #FOIA #Paul Grewal

Written with ChatGPT (GPT-4o).

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