Coinbase has initiated legal proceedings against the Federal Deposit Insurance Corporation (FDIC), accusing the regulator of deliberately obstructing access to critical documents concerning Operation Chokepoint 2.0. This regulatory initiative restricts banking institutions from servicing cryptocurrency-related businesses.
The exchange alleges the FDIC intentionally withheld records requested under the Freedom of Information Act (FOIA), initially limiting its search solely to documents shared with the Office of Inspector General despite evidence of numerous unreleased relevant files. Internal FDIC policies further revealed that banks encountered near-universal resistance when attempting to establish relationships with cryptocurrency entities.
As part of its legal strategy, Coinbase filed a motion for additional discovery seeking sworn testimony from FDIC officials about their FOIA compliance practices. The lawsuit aims to expose systemic obstruction and ensure regulatory accountability for policies impacting cryptocurrency industry access to banking services.