The beginning of 2025 marked a significant legal victory for major crypto exchange Coinbase, which received unredacted OCP 2.0 letters from the Federal Deposit Insurance Corporation (FDIC).
Key Points of Coinbase's Legal Victory
According to Coinbase Chief Legal Officer Paul Grewal, the company finally obtained the unredacted OCP 2.0 letters from the FDIC following a court order. These documents reveal coordinated efforts to halt various crypto operations, from basic BTC transactions to more complex offerings.
Background of the Legal Proceedings
Last June, Coinbase's hired firm, History Associates, took the FDIC and the SEC to court, claiming improper refusal of documents that should be accessible under the Freedom of Information Act (FOIA). Coinbase sought copies of 'pause letters' sent to financial firms to halt crypto activities.
Implications and Conclusions from the Case
Following the legal proceedings, Coinbase gained access to FDIC's internal communications, regarded as a significant victory. Grewal also noted two additional 'pause letters' found during the search.
Coinbase's victories in legal proceedings with regulators highlight its commitment to transparency and bolstered its position in the ongoing discussion on crypto sector regulation.
