According to ChainCatcher and reported by Decrypt, the latest declassified documents obtained by Coinbase through the Freedom of Information Act (FOIA) indicate that the Federal Deposit Insurance Corporation (FDIC) had explicitly opposed its member banks using public blockchain networks to provide services.
Document disclosure shows that the FDIC's New York office expressed concerns in March 2022 to a member bank regarding the bank's plan to launch a 'bank digital deposit' project on a public blockchain, requiring a new detailed review before launching any blockchain-based products. Additionally, the documents 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.