Coinbase Switches Gears in Probe of FDIC's Involvement in Operation Chokepoint 2.0
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Coinbase Switches Gears in Probe of FDIC's Involvement in Operation Chokepoint 2.0
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12:00am, Sunday, March 9, 2025
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Coinbase accuses FDIC of refusing to cooperate in Operation Choke Point 2.0
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Coinbase has gone on the offensive against U.S. agencies that allegedly took action to keep cryptocurrency industry actors away from banking institutions. Paul Grewal, chief legal officer of Coinbase, explained that they are now scaling their discovery efforts to investigate the level of involvement of the Federal Deposit Insurance Corporation (FDIC) in Operation Chokepoint 2.0, a Biden administration campaign to de-bank crypto institutions and actors.
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On social media, Grewal explained that the exchange had decided to escalate its actions in this case due to the corporation’s resistance to provide proof that it had conducted due diligence in avoiding the destruction of documents linked to this matter. Grewal claimed that the FDIC has failed to address these concerns, only disclosing snippets that “have little to nothing to do” with the Freedom of Information Act (FOIA) requests and how the corporation handles them. Fifty-three pages of documents have been delivered fully redacted. Grewal suspects resistance from the corporation’s leadership regarding full disclosure of its involvement in Operation Chokepoint 2.0. Other pages have heavy redactions, making it difficult to ascertain their content. “Enough is enough. In our latest status report to the Court, we lay out why we need sworn testimony now,” Grewal stressed, linking to the full status report asking to escalate the request.
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