Golden Finance reported that Coinbase Chief Legal Officer Paul Grewal accused the Federal Deposit Insurance Corporation (FDIC) of taking secret actions to suppress the cryptocurrency industry. Grewal claimed that documents obtained through the Freedom of Information Act revealed a series of so-called cease-and-desist letters. It is alleged that these letters instructed banks to delay or stop providing services to cryptocurrency companies. He described these letters as a 'shameful example of U.S. government agencies attempting to cut off lawful American companies' access to financial channels' and pointed out that the FDIC was unfairly targeting legitimate cryptocurrency companies, limiting their opportunities to access banking services. Documents shared by Coinbase showed that FDIC officials urged banks to avoid launching or expanding cryptocurrency-related services due to concerns over security, robustness, and potential consumer risks. In every case, the FDIC requested banks to wait until it completed further reviews—Coinbase believes this process sets unfair barriers for cryptocurrency companies.