Coinbase is resuming its lawsuit against the Federal Deposit Insurance Corporation (FDIC), claiming the agency is still withholding crucial documents. The exchange seeks to obtain records regarding the FDIC's communications with banks about cryptocurrency activities.
Resuming the Legal Process
Coinbase's legal action aims to obtain documents related to so-called 'pause letters' that instructed banks to halt crypto-related services. The lawsuit was paused in February 2025 following Travis Hill's appointment as acting FDIC chairman.
Statements by Coinbase CEO
Coinbase's Chief Legal Officer Paul Grewal expressed dissatisfaction with FDIC's transparency. While acknowledging improvements under new leadership, he feels it remains insufficient.
Allegations Against FDIC
Coinbase's legal actions are part of a broader effort to uncover evidence of 'Operation Chokepoint 2.0,' a supposed attempt by financial regulators to restrict the crypto industry's access to banking services.
FDIC is expected to respond to Coinbase’s motion within two weeks. This legal battle could significantly impact future crypto companies' interactions with financial regulators.
