Coinbase Obtains Unredacted FDIC Documents on Operation Chokepoint 2.0
In the latest development, Coinbase Global Inc has obtained unredacted documents from the Federal Deposit Insurance Commission (FDIC), which is investigating its role in the Operation Choke Point 2.0 agenda.
Coinbase CLO Paul Grewal highlighted in a recent X post that it has issued a court order to the FDIC requiring it to release the documents. The unredacted documents are now available to the public.
“We finally received the unredacted OCP 2.0 letter from FDICgov. It requires a court order, but you can read it for yourself now below. They demonstrate a coordinated effort to block a variety of crypto activities – from basic Bitcoin transactions to More complex products,” he noted.
He said the documents prove the FDIC oversaw a coordinated effort to cripple cryptocurrency trading. Grewal expressed doubts about the FDIC’s actions as he noted that while the FDIC had previously claimed to have fully complied with the court order, now, upon further review, it had “miraculously” discovered two additional suspension letters.
Credibility is questioned
He noted that it was difficult to trust their “sincerity” because their behavior seemed inconsistent and each new discovery undermined their credibility. He stressed that the new Congress should immediately hold hearings on all this and recommended that the matter be thoroughly investigated.
Previously, in December, the FDIC released a series of documents related to Coinbase’s investigation into “Operation Choking Point 2.0”, but the documents had been redacted and key details removed. Shortly after, a judge ruled that the FDIC must release unredacted versions of the documents, a major victory for Coinbase in a Freedom of Information Act (FOIA) case.
Crypto Czar Will Investigate the Matter
Following Trump’s victory, talk of the action, which seeks to cripple the cryptocurrency industry by blocking liquidity, has grown. Newly appointed cryptocurrency czar David Sacks has noticed a spike in complaints against Operation Choke Point 2.0, highlighting the need to investigate the Operation Choke Point agenda.
Earlier this week, Rep. French Hill claimed that the next Congress has the authority to “stop, reverse and investigate Operation Choke Point 2.0.” It will be interesting to see how David Sacks responds to the investigation in Operation Choke Point 2.0.
