Paul Grewal, Coinbase's chief legal officer, recently described the findings as a "shameful example" of regulatory overreach targeting legitimate cryptocurrency companies. Grewal criticized the Federal Deposit Insurance Corporation (FDIC) for concealment, noting that two other letters were discovered only after the agency claimed to have complied with earlier court orders. The newly disclosed letters, obtained through a court request under the Freedom of Information Act, show that the Federal Deposit Insurance Corporation (FDIC) has repeatedly urged banks to suspend crypto-related services pending further regulatory review. Calling for a congressional hearing on the matter, Mr. Greiver said: "Every time we pull the thread, their sweaters fall apart more, and it's hard for us to believe their sincerity."