Cryptocurrency exchange Coinbase has acquired unredacted documents from the FDIC, shedding new light on Operation Chokepoint 2.0 and its impact on the industry.
Disclosure of FDIC Documents
Coinbase acquired documents from the Federal Deposit Insurance Corporation (FDIC) following a court order. Coinbase's Chief Legal Officer Paul Grewal confirmed that the files are now public. The new documents reveal deliberate efforts by the FDIC to obstruct cryptocurrency transactions, ranging from simple Bitcoin transfers to advanced blockchain-based services.
Impact of Operation Chokepoint
The latest documents indicate the scope of Operation Chokepoint 2.0 within the banking sector. Industry stakeholders have expressed concerns about the broader implications of these restrictions on cryptocurrency businesses. Measures were also reportedly targeted at energy usage by Bitcoin miners, as noted by Riot Platforms executive Brian Morgenstern.
Calls for Investigation
The unredacted FDIC files have intensified calls for a thorough investigation into Operation Chokepoint. Industry leaders, including Coinbase's Paul Grewal and Crypto Czar David Sacks, are advocating for transparency and accountability. Lawmakers such as Representative French Hill have also voiced support for probing these regulatory measures.
These revelations underscore the urgency of addressing systemic barriers imposed by financial authorities on cryptocurrency companies. The incoming U.S. administration is expected to prioritize this issue, ensuring fair treatment for cryptocurrency enterprises.
