Nov 03, 202415011 Views
Nov 03, 2024
Paul Grewal, Chief Legal Officer of Coinbase, accused the Federal Deposit Insurance Corporation (FDIC) of taking secret actions to suppress the cryptocurrency industry. Grewal claimed that documents obtained through the Freedom of Information Act showed a series of so-called suspension letters. Allegedly, in these letters, the FDIC instructed banks to delay or stop providing services to cryptocurrency companies. He described these letters as "shameful examples of US government agencies trying to cut off the financial channels of law-abiding American companies" and pointed out that the FDIC unfairly targeted legitimate cryptocurrency companies, restricting their access to banking services. Documents shared by Coinbase showed that FDIC officials urged banks to avoid launching or expanding cryptocurrency-related services due to concerns about security, stability, and potential consumer risks. In each case, the FDIC requested that banks wait until further review was completed - a process that Coinbase believes sets unfair barriers for cryptocurrency companies.
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