According to Paul Grewal, the chief lawyer of Coinbase, some US government agencies continue to reject the role of the CHOKEPOINT 2.0 operation during the BIDEN administration’s BIDEN administration period.
In early 2023, the collapse of the encryption -friendly bank triggered the first suspicion of operation of CHOKEPOINT 2.0. Critics, including the venture capitalist NIC CARTER, explained this as a government’s efforts to pressure banks to reduce their relationship with cryptocurrency companies.
Despite the recent regulatory shifts, institutions such as Federal Deposit Insurance Corporation (FDIC) continued to “resist basic transparency”, Grewal wrote on March 8.
“They did not receive a message,” he wrote.
source: Paul Gruwal
Coinbase requested the FDIC to provide detailed information on how to do “due diligence” so that the documents related to the event were not destroyed. But the agency said, “I didn’t do so repeatedly,” Grewal said.
His opinion was one day after the US monetary manager (OCC) alleviated his position on how the bank could participate in encryption in a few hours after he sweared to limit the access to the banking service of the crypto company.
Trump’s remarks were held at the White House cryptocurrency summit, and he told industry leaders that “we are terminating Chokepoint 2.0.”
source: Elon Musk
Cointelygraph said at least 30 technologies and encryption founders in the United States during the Chokepoint 2.0 operations reported by CaultElewraph in November 2024.
relevant: FDIC Chair, ‘Operation Architect Chokepoint 2.0’Martin Gruenberg Resignation January 19
FDIC created only “Snipet” from the FOIA request.
Grewal argued that FDIC did not completely cooperate with Coinbase’s request for documentation according to Freedom of Information Act (Feedon of Information Act).
“(…) The institution produced only snippet in some documents that are rarely related to the specific FOIA policy or practices that have been challenged by the revised complaints of the history associates. What exactly are they hiding? ”
Grewal also modified 53 pages by FDIC and said, “It contains many other pages that contain many other pages that rendering documents that cannot be understood.
Grewal added that his team asked the FDIC to “vow testimony” to the court.
On March 4, Coinbase also submitted a FOIA request to Securities and Exchange Commission (SEC) to find out how much investigation and execution measures have been investigated and execution of the encryption company between April 17, 2021 and January 20, 2025.
relevant: Paolo Ardoino: Competitors and politicians are trying to kill tethers.
Trump previously signed an administrative order on January 24 to end some bank issues for the WEB3 company and to create a clear regulation of digital assets.
According to the founder and CEITLIN LONG of Custodia Bank, the administrative command is to end the speech effort of the previous Crypto industry except in the Cryptocurrency Working Groups in the Cryptocurrency Working Groups. Can.
https://www.youtube.com/watch?v=jmqj01_zka8
magazine: UnstableCoins: depegging, bank runs and other dangerous looms