Coinbase Accuses FDIC of Hiding Operation Chokepoint 2.0 Files
Main Idea
Coinbase accuses the FDIC of hiding documents related to 'Operation Chokepoint 2.0,' alleging the agency pressured banks to cut ties with crypto firms and is now obstructing the release of relevant records.
Key Points
1. Coinbase filed legal documents challenging the FDIC's attempt to dismiss a FOIA lawsuit, focusing on alleged 'pause letters' sent to banks urging them to halt services for cryptocurrency companies.
2. Coinbase's Chief Legal Officer, Paul Grewal, accused the FDIC of stonewalling the release of documents and stated the company would not tolerate the obstruction.
3. The FDIC allegedly failed to conduct a proper document review and withheld records under FOIA Exemption 8, which protects confidential bank examination records.
4. The FDIC admitted in court that it lacked a formal litigation hold process for FOIA requests, leading to missed documents related to crypto firms.
5. Coinbase is pushing for sworn testimony from FDIC officials and the full release of withheld documents to uncover potential regulatory overreach against the crypto industry.
Description
Coinbase is accusing the Federal Deposit Insurance Corporation (FDIC) of stonewalling court orders and obstructing efforts to expose documents tied to the alleged “Operation Chokepoint 2.0,” according to new filings in federal court . Key Takeaways: Coinbase claims the FDIC is obstructing court-ordered disclosures tied to crypto regulation. At issue are alleged “pause letters” pressuring banks to cut ties with crypto firms. Coinbase is pushing for testimony and full release of withheld FOIA docu...
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