Some government agencies in the United States continue to deny transparency with respect to their role in Operation Chokepoint 2.0, a period during administration Biden when the founders of Crypto and Tech supposedly denied bank services, according to the legal officer of Coinbase, Paul Grewal.
The collapse of cryptographic banks in early 2023 caused the first accusations of Operation Chokepoint 2.0. Critics, including the capitalist of risk, Nic Carter, described him as an effort of the government to pressure banks to cut ties with cryptocurrency companies.
Despite the recent regulatory changes, agencies such as the Federal Deposit Insurance Corporation (FDIC) continue to “resist basic transparency efforts,” Grewal wrote in a March 8 publication in X.
“They have not received the message,” he wrote.
Fountain: Paul Grewal
Coinbase has requested that the FDIC provide details in the Court on how it made the “due diligence” to ensure that documentation related to the event will not be destroyed. However, the agency “repeatedly refused to do so,” said Grewal.
Their comments arrive a day after the US Office of the Comptroller of the Currency (Occ) facilitated its position on how banks can interact with cryptography only hours after the president of the United States, Donald Trump, promised to put an end to the prolonged repression that restricts the access of cryptographic companies to banking services.
Trump’s comments were made during the Crypto Summit in the White House, where he told the industry leaders that “the Chokepoint 2.0” operation was finishing.
Fountain: ELON ALMIZCLE
At least 30 founders of Tech and Crypto were “secret” in the US. During Operation Chokepoint 2.0, Cointelegraph reported in November 2024.
Related: President of the FDIC, ‘Architect of Operation Chokepoint 2.0’ Martin Gruenberg to resign on January 19.
Fdic only produced “fragments” of foia requests
Grewal said that the FDIC has not fully cooperated with Coinbase documentation requests under the Law of Freedom of Information (FOIA):
“[…] The agency has only produced fragments of some documents that have little or nothing to do with the specific policies or practices of FOIA that the associates of the history have challenged in their amended complaint. What are they hiding exactly?
In addition, Grewal said the FDIC has written a total of 53 pages, with many other pages that contain “heavy writings, which makes the documents not unintelligible.”
Grewal added that his team requested that the FDIC give a “jury testimony” to the Court.
On March 4, Coinbase also submitted a request from FOIA to the Bag and Securities Commission (SEC) to find out how many compliance and compliance actions were presented against cryptographic companies between April 17, 2021 and January 20, 2025.
Related: Paolo Ardoino: competitors and politicians intend to ‘kill the belt’
Trump previously signed an executive order to end some banking challenges for web 3 companies and create clearer regulations for digital assets, Cointelegraph reported on January 24.
The Executive Order excludes the United States Federal Reserve and the FDIC of cryptocurrency work groups, in a movement that can end the debate efforts of the previous cryptographic industry, according to Caitlin Long, founder and CEO of Custody Bank.
https://www.youtube.com/watch?v=JMQJ01_zka8
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