Coinbase's Chief Legal Officer Paul Grewal recently described the investigation as a "shameful example" of excessive regulation against legitimate cryptocurrency companies. Grewal criticized the Federal Deposit Insurance Corporation (FDIC) for its concealment and pointed out that the agency discovered two additional letters after claiming to have complied with an earlier court order.
These newly disclosed letters were obtained through a request made under the Freedom of Information Act, and they show that the FDIC had repeatedly urged banks to suspend cryptocurrency-related services pending further regulatory review.
Grewal called on Congress to hold a hearing on the matter, saying, "Every time we pull the string, their sweater unravels more, and it's hard to believe they're acting in good faith."