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Reading: Coinbase CLO Highlights FDIC’s Inconsistencies in Crypto Banking
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Deythere > News > News > Coinbase CLO Highlights FDIC’s Inconsistencies in Crypto Banking
News

Coinbase CLO Highlights FDIC’s Inconsistencies in Crypto Banking

Coinbases ongoing regulatory battle with the FDIC over crypto banking featuring Coinbase and FDIC logos legal documents and
Thalia Galanis
Last updated: November 2, 2024 3:20 pm
By
Thalia Galanis
Published November 2, 2024
2 Min Read
Share

Coinbase Chief Legal Officer Paul Grewal has shed light on the Federal Deposit Insurance Corporation’s (FDIC) stance toward crypto banking, suggesting regulatory inconsistencies. Grewal recently shared that Coinbase’s Freedom of Information Act (FOIA) request is beginning to reveal the FDIC’s issuance of “cease letters” to financial institutions as part of Operation Chokepoint 2.0.

Contents
FDIC Accused of Stifling Crypto BankingCoinbase Pushes for Clear Crypto RegulationsShedding Light on Regulatory Actions Toward Crypto

FDIC Accused of Stifling Crypto Banking

According to Grewal, the FDIC’s response to Coinbase’s FOIA request is gradually providing clarity. “Step by step, we are uncovering a troubling trend,” Grewal stated. After filing a lawsuit, the FDIC began sharing documents that suggest U.S. regulatory bodies may be intentionally hindering legal American companies’ access to funding.

Coinbase Pushes for Clear Crypto Regulations

In recent weeks, Coinbase has filed additional FOIA requests to the FDIC, aiming to resolve ongoing regulatory uncertainty surrounding digital assets. This effort is part of the company’s push for clear guidance on digital asset regulations within the U.S. government. Specifically, Coinbase is seeking documents related to any restrictions on the amount of digital assets that American deposit institutions may hold.

Coinbases legal challenges with the FDIC over crypto banking featuring symbols of the FDIC and Coinbase logos with legal d

Shedding Light on Regulatory Actions Toward Crypto

In June, Coinbase launched its first legal challenge against the SEC and FDIC, demanding transparency in their investigations into the crypto market. This legal action marks a key step in Coinbase’s ongoing battle with the SEC. Grewal noted that the FDIC’s pressure on financial institutions to disengage from crypto activities adds a layer of complexity to the issue.

Coinbase recently filed an Amicus Brief on behalf of the DeFi Education Fund and Beba, reinforcing its stance against the SEC’s enforcement-centric approach to crypto regulation. These developments underscore the critical need for regulatory clarity and transparency in the crypto industry. Coinbase’s efforts could serve as a significant example for other companies navigating the complex regulatory landscape.

Coinbase, FDIC, crypto banking, Paul Grewal, FOIA

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