CoinVoice has learned that, according to Decrypt, the latest decrypted 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 using public blockchain networks to provide services.
The documents reveal that the FDIC's New York office sent a letter to a member bank in March 2022 expressing concern over the bank's plan to launch a 'bank digital deposit' project on a public chain, requiring a new detailed review before launching any blockchain-based products. 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 aims to suppress the cryptocurrency industry through bank regulation. [Original link]