According to ChainCatcher, citing Decrypt, Coinbase's Chief Legal Officer Paul Grewal disclosed that a motion has been filed in federal court, accusing the Federal Deposit Insurance Corporation (FDIC) of systematically obstructing the disclosure of documents related to "Operation Chokepoint 2.0".
Court documents show that the FDIC, even after being ordered four times, still refuses to fully submit the "suspension letters" requesting banks to suspend cryptocurrency business interactions between 2020-2024.
Internal policy documents confirm that the FDIC instructed staff to "fully withhold" documents covered by Section 8 exemption of the Freedom of Information Act, without distinguishing between factual content and analytical materials. Coinbase accuses the agency of using an "extremely narrow interpretation", only searching for documents submitted to the Inspector General's office, resulting in the omission of numerous key records.
In a January hearing, the FDIC admitted to not establishing a document preservation system for FOIA litigation. This legal battle has forced the FDIC to disclose hundreds of pages of documents, showing that banks generally encountered resistance when conducting cryptocurrency business. As the Trump administration pushed crypto-friendly policies, Coinbase stated that investigating these "historical misconduct" is to ensure they do not recur.
