On November 3, PANews reported that Coinbase's 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 'suspension letters' in which the FDIC instructed banks to delay or stop providing services to cryptocurrency companies, citing concerns about 'safety and soundness' and potential consumer risks. Grewal pointed out that the FDIC is unfairly targeting legitimate cryptocurrency companies, limiting their access to banking services. Documents shared by Coinbase showed that in each case, the FDIC required banks to wait until it completed further review, which Coinbase believes creates unfair barriers for cryptocurrency companies.
