US Judge Orders FDIC to Revise Coinbase Letter Redactions
U.S. District Court Judge Ana C. Reyes in Washington, D.C., scolded the Federal Deposit Insurance Corporation (FDIC) for a “lack of good faith” in publishing the 2022 Coinbase letter.
Reyes claimed the company had excessively edited the letters and ordered them to release a more complete version. The letters were made public through the exchange’s tireless efforts.
Coinbase and FDIC
Paul Grewal, Chief Legal Officer, Coinbasemaking these courts public proceedings Today via social media. last month, Coinbase exposes more than 20 letters The FDIC sent these letters to banks in 2022. The letters advise banks to avoid all cryptocurrency-related business.
However, the company excessively redacted the letters, causing Judge Reyes annoyance.
“The court is concerned about what appears to be a lack of good faith efforts by the FDIC. Defendants cannot simply redact everything comprehensively… The court orders (emphasis hers) defendants to re-examine the documents, make more thoughtful redactions, and submit a report to the FDIC by January 3 Plaintiff provides new editorial content,” Reyes rule.
Coinbase is currently suing the FDIC, leading to this official ruling. After Grewal retweeted the statement to social media, he asked, “What is the FDIC trying so hard to hide?”
Meanwhile, several prominent figures in the cryptocurrency community have raised concerns Regarding Operation Choke Point 2.0, quote it as New anti-crypto regulatory efforts.
Lawyers in the comments on Grewal’s post famous This tight deadline is a clear indication of Judge Reyes’ dissatisfaction. Simply put, a An unprecedented new friendliness towards cryptocurrencies Currently in circulation with the U.S. federal government. Trump’s “crypto czar” David Sacks has Vows to prevent another Operation Chokepoint.
Additionally, FDIC Chairman Martin Gruenberg will Resign as of Inauguration Day, and The crypto industry has been looking for possible alternatives for months. President-elect Trump has yet to name his pick, but Former Binance.US CEO Brian Brooks was mentioned.
Overall, the FDIC may soon become more conciliatory than it was when it sent the letter to Coinbase. There is currently no further information on when the legal dispute between Coinbase and the FDIC will be resolved.
Nonetheless, this development is an encouraging sign. When the company initially sought to stoke anti-crypto bias in the banking industry, it did so in a very different environment. A second Operation Choke Point will face tougher resistance and scrutiny.
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