Chief Legal Officer of Coinbase, stated: “We have finally received the unredacted version of the OCP 2.0 letter from the FDIC (Federal Deposit Insurance Corporation). This shows a coordinated effort to prevent various crypto activities, from basic BTC transactions to more complex products. Please note that the FDIC had previously stated that it had complied with earlier court orders, but magically found two additional cease-and-desist letters in this search. Whenever we take action, we always find new problems, it’s hard to believe their sincerity. The new Congress should immediately launch hearings on all of these issues.”
Previously reported, on November 3, 2024, Paul Grewal, Chief Legal Officer of Coinbase, accused the Federal Deposit Insurance Corporation (FDIC) of taking secret actions to suppress the crypto industry. Grewal claimed that documents obtained through the Freedom of Information Act showed a series of so-called “cease-and-desist letters”. In these letters, the FDIC instructed banks to delay or stop providing services to crypto companies.
On June 27, 2024, Coinbase sued the SEC and FDIC, accusing federal financial regulators of failing to comply with the Freedom of Information Act and attempting to sever the connection between the crypto industry and the banking industry.