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International Business Times
International Business Times
Business
Marvie Basilan

Choke Point 2.0 Proof? Coinbase Obtains Additional FDIC Letters That Discouraged Banks To Use Bitcoin

FDIC Coinbase Bitcoin Crypto Paul Grewal United States Gary Gensler Joe Biden Nic Carter SEC
Letters sent by the FDIC to member banks showed how it asked them to not engage in crypto-related activity. (Credit: Alesia Kozik/Pexels.com)

KEY POINTS

  • A March letter revealed that the FDIC asked member banks to 'pause all crypto-asset related activity'
  • One letter showed that a bank was already offering a certain Bitcoin service to some 2,800 clients
  • Coinbase's Paul Grewal called for a Congress hearing to assess if the FDIC was acting in 'good faith'
  • Crypto experts and enthusiasts are criticizing the FDIC for 'gaslighting' banks who want to adopt crypto

Letters obtained and revealed to the public by cryptocurrency exchange giant Coinbase revealed that the Federal Deposit Insurance Corporation (FDIC) discouraged member banks to engage in public blockchains, and for Coinbase, this is proof that Operation Choke Point 2.0 (OCP 2.0) during the Biden administration existed.

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