FDIC and Operation Chokepoint 2.0: Unveiling Possible Crypto Limitations

user avatar

by Giorgi Kostiuk

2 years ago


The FDIC has disclosed files suggesting potential constraints on cryptocurrency operations, sparking new discussions about their impact on the market.

Disclosure of FDIC Documents

Coinbase Global Inc., a major American cryptocurrency exchange, has obtained access to unredacted documents from the Federal Deposit Insurance Commission (FDIC) as part of its investigation into Operation Chokepoint 2.0. These files, initially withheld by the FDIC, were released following a court order and are now accessible to the public.

New Details and Letters

The unveiled documents include letters instructing banks to halt services to cryptocurrency companies. In December, redacted versions of these documents were provided, but the court later mandated the release of full files. These letters, whose existence was initially denied by the FDIC, indicate directives to limit banking services to crypto firms.

Industry Reaction and Calls for Investigation

The release of these documents has intensified calls for a deeper investigation into Operation Chokepoint’s activities. Paul Grewal and other experts emphasize the need for thorough examination of the impact on the crypto industry. Industry representatives note that such constraints negatively affect crypto companies’ operations and demand urgent attention.

The FDIC documents have spurred industry and legislative discussions about possible overregulation in the crypto sector, requiring further investigation.

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

FCA's Financial Crime Guidance Aims to Enhance Compliance for Crypto Firms

The FCA has released updated financial crime guidance for crypto businesses, including examples of good and poor practices for due diligence and transaction monitoring.

user avatarMohamed Farouk

Payward Gains Preliminary Approval for Digital Asset Operations in Kazakhstan

Payward has received in-principle approval from the Astana Financial Services Authority to operate a digital asset trading business in Kazakhstan.

user avatarTenzin Dorje

FCA Consults on Updated Financial Crime Guidance for Crypto Businesses

The Financial Conduct Authority (FCA) is consulting on updated financial crime guidance for crypto businesses, aiming to clarify expected controls and enhance compliance frameworks.

user avatarBayarjavkhlan Ganbaatar

SEC Prioritizes Tokenization in Fiscal 2027 Examination

The SEC has included tokenization among its examination priorities for fiscal 2027, focusing on the reliability of blockchain securities infrastructure.

user avatarElias Mukuru

Bitcoin Hashrate Surpasses One Zettahash

BlocksBridge reports that Bitcoin's seven-day hashrate has surpassed one zettahash per second for the week ending October 22, marking its highest level since March 3.

user avatarDiego Alvarez

Capital Research and Management Boosts Voting Stake in Metaplanet to 11.11%

Capital Research and Management has increased its voting stake in Metaplanet to 11.11% as of October 16, following a share buyback.

user avatarKenji Takahashi

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.