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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 Secures Major Win In FOIA Case Against US FDIC Paul Grewal announced that the judge in their FDICgov FOIA case has swiftly ordered the agency to produce the Operation Chokepoint 2.0 pause letters. https://t.co/XhmoyKrwyy https://t.co/BlDW2HfbI6
Did you know, according to the Blockchain Association, the SEC has filed 104 cases against the crypto industry between 2021 and 2023 🤓
SEC and FDIC Playing Hardball, but Crypto Isn’t Flinching The SEC’s “regulation by enforcement” spree just cost crypto firms $425M across 104 cases since 2021. Coinbase also revealed over 20 instances of the FDIC telling banks to steer clear of crypto. For founders, it’s a… https://t.co/oILw28pXYv
