ChainCatcher Message, recent reports by Decrypt reveal some interesting insider information! According to documents obtained by Coinbase through the Freedom of Information Act, the Federal Deposit Insurance Corporation (FDIC) was opposed to its member banks providing services using public blockchain networks. 😮

Specifically, the FDIC's New York office sent a letter to a bank in March 2022 expressing concerns about its plans to launch a 'bank digital deposit' project on a public chain and requested a detailed review before launching any public chain-based products. Additionally, the FDIC also requested a halt to all Bitcoin trading and cryptocurrency activities. 🤔

Coinbase's Chief Legal Officer Paul Grewal believes these documents confirm that the Biden administration is suppressing the cryptocurrency industry through banking regulation actions. 🔍