Catenaa, Thursday, August 07, 2025-Coinbase has accused the Federal Deposit Insurance Corporation of systematically blocking access to records tied to alleged efforts to restrict crypto banking, despite multiple court orders compelling disclosure.
In federal filings Tuesday, the crypto exchange said the FDIC refused to conduct proper searches for “pause letters” sent to banks instructing them to halt crypto-related activities.
Coinbase’s legal chief, Paul Grewal, said the regulator is “stonewalling” attempts to expose what the industry calls Operation Chokepoint 2.0, which allegedly pressured banks to cut off crypto firms.
Court documents reveal the FDIC denied requests without reviewing documents individually, invoking blanket exemptions under federal law.
Coinbase’s motion seeks sworn testimony from FDIC officials and all denial letters issued between 2020 and 2024 to illustrate the agency’s practices.
The filings note the FDIC took four court orders and six document productions to identify responsive records, raising concerns about deliberate obstruction.
Coinbase says uncovering these practices is essential to prevent future efforts to marginalize the crypto industry.
