Coinbase, a major cryptocurrency exchange, has discovered over 20 cases where the Federal Deposit Insurance Corporation (FDIC) advised U.S. banks to avoid offering crypto-related services. This was revealed by Paul Grewal, Coinbase’s chief legal officer, after the company filed two Freedom of Information Act (FOIA) requests seeking more transparency from the FDIC.
Grewal expressed concern about these findings in a social media post on Nov. 1, stating that the public deserves openness instead of regulatory actions taken behind the scenes. He described the content of the disclosed documents as an attempt by the FDIC to limit financial access for legitimate American businesses.
The court filing showed 23 documents where the FDIC questioned banks’ risk evaluations related to crypto and suggested they pause or stop offering such services until further review. One document detailed a meeting where a bank was advised to wait before expanding its crypto services, even after providing additional documentation.
Coinbase emphasized that it is committed to working with any administration in the U.S., regardless of the outcome of the upcoming presidential election on Nov. 5.
