Coinbase Legal Officer's Allegations Against FDIC

user avatar

by Giorgi Kostiuk

2 years ago

On January 6, 2025, Coinbase’s CLO Paul Grewal addressed the ongoing case against the FDIC, highlighting 'pause letters' urging banks to halt services for crypto clients.

Context of the Case Against FDIC

The FDIC admitted to sending letters to banks requesting them to suspend services for crypto clients. These actions have raised concerns about transparency and the legality of the FDIC's moves.

Arguments from Coinbase's Legal Officer

Grewal claims the FDIC is using a FOIA exemption to withhold crucial information, attempting to cover up 'Operation Choke Point 2.0'.

Grewal pointed out the inconsistency in the redactions, suggesting they aim to conceal 'Operation Choke Point 2.0'.

Implications for the Crypto Sector

Experts believe FDIC's actions push banks out of the crypto space, potentially harming the industry and other groups. John E. Deaton has called for an investigation into these actions in light of future crypto regulations.

The dispute between Coinbase and the FDIC raises significant questions about the future of financial regulation and the place of cryptocurrencies in global financial systems.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

CZ Calls Out Elon Musk Amid Binance Hack

Changpeng Zhao, co-founder of Binance, publicly addressed Elon Musk after his mocking response to a significant hack affecting the exchange.

user avatarMaria Fernandez

RUNE Price Surges Amid Ongoing Investigations into Stolen Cryptocurrency

RUNE's price increased from a local low of 0.59 to approximately 0.67 as investigations into stolen cryptocurrency movements through decentralized platforms, including THORChain, intensified.

user avatarGustavo Mendoza

Trezor Issues Urgent Security Warning for Safe 5 Wallets

Trezor has issued a security warning to customers who purchased Safe 5 hardware wallets through the Southeast Asian reseller CryptoBilis since March 2026, advising them to transfer their cryptocurrency to a newly generated wallet due to a potential hidden cellular implant.

user avatarRajesh Kumar

MEXC Introduces Canton 0Fee Carnival for Traders

MEXC has launched the Canton 0Fee Carnival, enabling users to trade CC spot and futures pairs without fees from October 30 to November 30, 2026, and participate in a prize pool of 1 million.

user avatarMiguel Rodriguez

XRP Ledger Foundation Clarifies Proposal's Routine Nature

The XRP Ledger Foundation clarifies that proposed changes to the token approval process are routine improvements and unrelated to any security incidents.

user avatarLuis Flores

XRP Ledger Developers Propose Tighter Token Approval Controls

XRP Ledger developers propose amendments for stricter token approval controls to enhance protocol safeguards and ensure consistent application of approval requirements.

user avatarArif Mukhtar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.