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Highlights
- Coinbase CLO just exposed more FDIC's lies in the FOIA case
- Paul Grewal claims the regulator tried to kill Bitcoin transactions
- Regulatory changes coming to key government agencies including the Federal Reserve
Coinbase CLO Paul Grewal has once again spotlighted the role of the Federal Deposit Insurance Commission (FDIC) in the attempt to crackdown on Bitcoin (BTC) in the early days. Paul Grew reiterated that many considered Operation Chokepoint 2.0 a serious challenge for the US. However, he said the FDIC’s abuse of FOIA Exemption 8 remains an insult to the public and the courts.
The New Coinbase CLO Discoveries In FDIC Files
According to Paul Grewal, the FDIC lied in its communication with the exchange and the courts in the FOIA legal battle. He said the evidences showed that the commission made efforts to hide evidence that showed it tried to kill Bitcoin transactions. Beyond this, he confirmed the regulator also tried quashing blockchain as a technology and the establishment of an account for stablecoin reserves.
Specifically, the Coinbase CLO flagged the massive redactions in the first FDIC letters handed over. He noted that even the Judge in the case expressed dissatisfaction regarding the details the agency tried to cover up. As part of its excuses under Exemption 8, the regulator noted that it retrieved some information as it may harm the target firms.
The FDIC said the firm’s marketing and business operations might be made known to the public. However, when Coinbase received the unredacted files, Grewal said the team saw no proof that the shielded details would have impacted any business in the industry.
We now can see there was zero foreseeable harm from these redactions. In fact, there’s zero harm at all. We redlined what was originally redacted and what was ordered unredacted. Don’t take our word for it– see this for yourself: https://t.co/PQqwyIlmyi 5/6
— paulgrewal.eth (@iampaulgrewal) January 6, 2025
Again, Paul Grewal is calling for a probe of this chokepoint agenda in order to prevent its recurrence.
Changes Coming Soon
While it might not come off as what the industry expected, Michael Barr has resigned from a key role as banking supervisor at the Federal Reserve. Although his departure will not be effective until February, leaving the role might losing the strict oversight on banks.
Barr is pro-stablecoin regulation and many considered him a major barrier preventing the integration of crypto into banks.
With the Donald Trump inauguration coming in 2 weeks, the crypto industry expects defined changes beyond the Coinbase CLO’s call for OCP 2.0. Donald Trump’s Crypto Czar appointee David Sacks, SEC Chair nominee Paul Atkins and other officials will help drive pro-crypto policies.
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