Coinbase has succeeded in obtaining new documents from the Federal Deposit Insurance Corporation (FDIC) following a legal battle over Freedom of Information Act requests.
Court battle between Coinbase and FDIC
For several months, Coinbase sought to obtain documents known as 'pause letters,' which advised banks to halt crypto-related activities. Recently, two additional pages were released following the legal intervention.
FDIC's documents and their contents
The documents published by Coinbase Chief Legal Officer Paul Grewal reveal that FDIC advised limiting U.S. banks’ involvement with the crypto industry in 2022. These letters highlight the delays in launching crypto services due to unclear compliance requirements.
Public reaction and future expectations
The publication of these documents has fueled ongoing debates about regulatory clarity in the U.S. crypto sector. Grewal has urged Congress to conduct thorough investigations into the matter promptly.
These documents shed light on the complex relationship between federal agencies and the crypto industry, potentially prompting legislative changes in the future.
