logo

Coinbase Chief Legal Officer: FDIC Still Trying to Block Public Crypto Banking Charter Application

By: theblockbeats.news|2025/08/01 19:22:08
0
Share
copy

BlockBeats News, August 1st, Coinbase Chief Legal Officer Paul Grewal revealed that a motion has been filed with a federal court accusing the Federal Deposit Insurance Corporation (FDIC) of systematically obstructing the disclosure of documents related to "Operation Chokepoint 2.0." Court documents show that despite being ordered four times to cooperate, the FDIC still refused to fully disclose the "suspension letters" requesting banks to suspend cryptocurrency-related transactions between 2020 and 2024.

Internal policy documents confirm that the FDIC instructed staff to "withhold in full" documents covered by the exemption clause of the Freedom of Information Act, without distinguishing between factual and analytical material. Coinbase accuses the agency of adopting an "extremely narrow interpretation," only searching for documents submitted to the Inspector General's office, resulting in the overlooking of numerous key records. During a January hearing, the FDIC admitted to not having a record retention system for FOIA litigation. This legal battle has already forced the FDIC to disclose hundreds of pages of documents, revealing that banks faced "widespread resistance" when engaging in cryptocurrency-related activities. With the Trump administration advocating for crypto-friendly policies, Coinbase indicates that tracing these "historically improper actions" is to ensure they are not repeated.

-- Price

--

You may also like

Stablecoins are breaking away from cryptocurrency, becoming the next generation of infrastructure for global payments

The use of stablecoins is shifting from facilitating low-cost cross-border remittances to supporting general commercial activities and inter-company vendor payments.

Web3 teams should stop wasting marketing budgets on the X platform

The announcements from the project party are still very important, but they should no longer be the starting point of promotional activities; instead, they should be the endpoint.

Strive buys Strategy stocks, and Bitcoin treasury companies start nesting each other

When everyone's bets are placed on the same table, the difference between "structured financing" and "concentrated gambling" may just be a few more arrows drawn on the PPT.

Strive to buy Strategy stock, Bitcoin Treasury company starts nesting dolls with each other

Bitcoin hodlers are starting to nested be in each other.

Key Market Intel on March 12th, how much did you miss out on?

1. On-chain Funds: $29.7M inflow to Hyperliquid today; $30.9M outflow from Base 2. Biggest Gainers/Losers: $DRV, $LYN 3. Top News: US plans to release 172M barrels of oil to curb prices, on-chain pre-market crude oil gains narrow by 4%

The new center of Crypto

But the market is constantly evolving. By 2026, companies that can adapt to the new environment will survive, while those that continue to rely on the old script may face the fate of elimination.

Popular coins

Latest Crypto News

06:42

The probability of the Federal Reserve keeping interest rates unchanged in March reaches 99.1%

According to Jinshi reports, CME's "Fed Watch" shows that the probability of the Federal Reserve keeping interest rates unchanged until March is 99.1%, while the probability of a 25 basis point rate cut is 0.9%. By April, the probability of keeping interest rates unchanged is 96%, and the probabilit...
06:42

Data: 298.68 BTC transferred from Anchorage Digital, routed to another anonymous address

According to Arkham data, at 06:11, 298.68 BTC (worth approximately $20,975,800) was transferred from Anchorage Digital to an anonymous address (starting with 33gfWREv...). Subsequently, that address transferred 298.68 BTC to another anonymous address (starting with 33gfWREv...).
05:42

Data: 40,833.34 SOL transferred from an anonymous address, worth approximately 3.54 million USD

According to Arkham data, at 03:55, 40,833.34 SOL (worth approximately 3.54 million USD) was transferred from an anonymous address (starting with H2HnU4...) to degen-retard.sol.
05:42

Data: In the past 24 hours, the total liquidation across the network reached 158 million USD, with long positions liquidated at 86.1398 million USD and short positions liquidated at 71.8951 million USD

According to Coinglass data, in the past 24 hours, the total liquidation across the network was $158 million, with long positions liquidated at $86.1398 million and short positions liquidated at $71.8951 million. Among them, Bitcoin long positions were liquidated at $31.9349 million, Bitcoin short p...
05:42

U.S. stocks closed, with the Nasdaq down 1.78% as chip stocks generally weakened

According to Jinshi reports, U.S. stocks closed lower on Thursday, with the Dow Jones Industrial Average down 1.56%, the S&P 500 down 1.5%, and the Nasdaq Composite down 1.78%. Occidental Petroleum rose 5%, while TSMC and Intel both fell about 5%, NVIDIA dropped over 1%, and Apple fell nearly 2%. Th...
Read more
Community
iconiconiconiconiconiconicon

Customer Support Bot：@WEEX_support_smart_Bot

VIP Services：support@weex.com