FDIC told US banks to suppress crypto, Coinbase documents show
These communications, brought to light by Coinbase, highlight how regulatory ambiguity has fueled tension between crypto firms and federal banking authorities
Internal Federal Deposit Insurance Corporation communications suggest the agency deliberately limited U.S. banks’ involvement with crypto businesses in 2022.
These communications, brought to light by Coinbase, highlight how regulatory ambiguity has fueled tension between crypto firms and federal banking authorities.
The documents, obtained through a legal challenge by Coinbase and released on Friday, include letters instructing banks to pause all activities related to cryptocurrencies.
“We respectfully ask that you pause all crypto asset-related activity,” the documents read.
These FDIC directives reportedly delayed or halted banks’ plans to offer crypto services until they could address unclear compliance requirements.
Coinbase claims these communications reveal a coordinated effort to restrict banking access for legitimate crypto businesses, a practice some in the industry refer to as “Operation Chokepoint 2.0.”
