CoinVoice has recently learned, according to Decrypt, that the latest declassified documents obtained by Coinbase through the Freedom of Information Act (FOIA) show that the Federal Deposit Insurance Corporation (FDIC) explicitly opposed its member banks using public blockchain networks to provide services.
Documents disclose that the FDIC's New York office sent a letter to a member bank in March 2022 expressing concerns about the bank's plan to launch a 'bank digital deposit' project on a public blockchain, requiring a new detailed review before launching any products based on the public blockchain. Additionally, the documents show that the FDIC had requested member banks to suspend all services related to Bitcoin trading and cryptocurrency activities.
Paul Grewal, chief legal officer of Coinbase, believes that these documents further confirm the existence of the Biden administration's 'Operation Chokepoint 2.0' to suppress the cryptocurrency industry through bank regulation. [Link to original text]