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The Coin Rise 2025-03-08 22:15:14

Coinbase Slams FDIC For Failure to Cooperate in Operation Chokepoint 2.0

Coinbase Slams FDIC For Failure to Cooperate in Operation Chokepoint 2.0

American cryptocurrency exchange Coinbase has criticized the Federal Deposit Insurance Corporation (FDIC) for its refusal to cooperate in the Operation Chokepoint 2.0 investigation. Instead, the agency focused on denying transparency on their part. The crypto exchange compared FDIC’s effort towards crypto regulation to other agencies, citing that the former has been quite reluctant. Coinbase Drags SEC and FDIC on Operation Chokepoint 2.0 Coinbase CLO Paul Grewal took to X on March 8 to backlash against the FDIC for failing to cooperate and resist essential transparency efforts towards unwinding Operation Chokepoint 2.0. This campaign was designed to debank crypto-related companies by cutting them off banking services. The goal was to siphon every liquidity firm within the reach of the crypto firms. Coinbase once sued the US Securities and Exchange Commission (SEC) and the FDIC. The exchange aimed to force the agencies to hand over the records that confirm Operation Chokepoint 2.0. FDIC Fails to Provide Documentation on Operation Chokepoint 2.0 Grewal asked the FDIC to provide details on how it conducted due diligence to ensure that no Operation Chokepoint 2.0-related document was destroyed to hide proof. The agency is unable to respond to this question. Coinbase has also accused the FDIC of repeatedly refusing to provide information related to its Freedom of Information Act (FOIA) practices. According to a status report filed on January 17, History Associates, a firm assisting Coinbase, accused the FDIC of “systematically thwarting FOIA requests.” So far, only “snippets from a few documents” unrelated to the specific FOIA policies or practices have been made available. In response to this action, Grewal queried the FDIC, “What exactly are they hiding?” White House Crypto Summit on Operation Chokepoint 2.0 The administration of former President Joe Biden is believed to have facilitated the debunking campaign against crypto firms. During the recently held White House Crypto Summit in Washington, experts spoke about the rollback of Biden-era banking regulation. These are known to also involve the Office of the Comptroller of the Currency (OCC). The OCC has now reversed the 2020 guidance that prohibited crypto firms from custody services provided by banks. This is noteworthy because it is a significant pivot from the FDIC’s position on cryptocurrency. The post Coinbase Slams FDIC For Failure to Cooperate in Operation Chokepoint 2.0 appeared first on TheCoinrise.com .

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