Coinbase chief legal officer Paul Grewal claimed the letters provided evidence that an alleged US government attempt to debank firms “wasn’t just some crypto conspiracy theory.”
Court documents filed in a Freedom of Information Act (FOIA) lawsuit against the United States Federal Deposit Insurance Corporation (FDIC) showed the US regulatory body asked certain financial institutions to pause crypto banking activities.
In a Dec. 6 filing in the US District Court for the District of Columbia, the court released “pause letters” sent by FDIC officials to the boards of directors for different US banks, whose names were redacted.
According to the letters sent in 2022, the FDIC requested the institutions “pause all crypto asset-related activity” in response to the uncertain regulations around digital assets.
