According to Deep Tide TechFlow news on January 4, reports from Decrypt indicate that the latest declassified documents obtained by Coinbase through the Freedom of Information Act (FOIA) show that the Federal Deposit Insurance Corporation (FDIC) had explicitly opposed its member banks offering services using public blockchain networks.
The documents disclose that the FDIC New York office sent a letter to a member bank in March 2022 expressing concerns about the bank's plan to launch a 'bank digital deposit' project on a public blockchain, requiring a new detailed review before launching any products based on a public blockchain. Additionally, the documents also show that the FDIC had requested member banks to suspend all services related to Bitcoin trading and cryptocurrency activities.
Coinbase Chief Legal Officer Paul Grewal believes that these documents further confirm the existence of the Biden administration's Operation Chokepoint 2.0, which seeks to suppress the cryptocurrency industry through bank regulation.