FDIC Accused of Missing Crypto-Related "Suspension Letters" in Coinbase-Backed Lawsuit
On January 20, the Federal Deposit Insurance Corporation (FDIC) was accused of omitting multiple cryptocurrency-related "suspension letters" sent to banks in a Coinbase-backed Freedom of Information Act (FOIA) lawsuit. History Associates noted in a January 17 report to the federal court in Washington, D.C., that the FDIC "may have missed other suspension letters" and plans to update the lawsuit based on this. There have been public reports that the FDIC "systematically obstructed FOIA requests", resulting in at least 150 related documents not being submitted. The 25 FDIC letters that have been made public recommend that the Financial Institution Group suspend cryptocurrency operations until a regulatory review is completed, which the cryptocurrency industry sees as an action to cut off banking services for related businesses ("Operation Chokepoint 2.0").