Coinbase Chief Legal Officer Paul Grewal recently described the findings of this investigation as a "shameful example" of regulatory overreach against legitimate cryptocurrency companies. Grewal criticized the Federal Deposit Insurance Corporation (FDIC) for its concealment and pointed out that two additional letters were discovered only after the agency claimed to have complied with earlier court orders.

These newly disclosed letters were obtained through a court request under the Freedom of Information Act, revealing that the FDIC had repeatedly urged banks to suspend crypto-related services pending further regulatory review.

Grewal called for Congress to hold hearings on the matter, stating, "Every time we pull a thread, their sweater unravels even more, and it's hard for us to believe in their sincerity."