In a lawsuit under the Freedom of Information Act, it’s been alleged that the U.S. Federal Deposit Insurance Corporation failed to disclose additional “pause letters” regarding cryptocurrency that were sent to banks.
According to a status report submitted on January 17th to a federal court in Washington, D.C., History Associates claims that the FDIC might have overlooked some pause letters altogether, and they intend to expand their lawsuit by including fresh accusations.
It has been asserted by a public whistleblower that the agency is deliberately hindering Freedom of Information Act (FOIA) requests, an allegation which they claim led to the Federal Deposit Insurance Corporation (FDIC) withholding at least 150 documents requested under FOIA.
25 FDIC letters, it appears, seemed to suggest that financial institutions temporarily suspend their cryptocurrency activities until the agency had finished regulatory examinations, which some in the crypto sector perceived as a coordinated move to restrict crypto-related businesses from accessing banking services, often referred to as “Operation Chokepoint 2.0.”
According to Paul Grewal, Coinbase’s top legal executive, a recently filed lawsuit seeks to halt all the letters flagged by the Office of Inspector General. (Posted on X on January 16th)
Yet, he claims that the FDIC confined their search for ‘pause letters’ solely to those within the report. This could mean that additional ‘pause letters’ may be in existence elsewhere.
Grewal stated that when we requested them to correct their supposed rational perspective and cease manipulative language usage, they informed us that it would require at least one year.”
Or more casually:
“Grewal said that when we asked them to straighten out their supposed reasonable interpretation and stop with the word games, they told us they needed at least a year.
According to the FDIC’s January 17th status report, they have fulfilled the FOIA request by providing all necessary documents and carried out a thorough search for letters exchanged with the FDIC Office of Inspector General from March 2022 up until May 2023.
As a cryptocurrency investor, I’ve come to understand that the government agency has stated there is no solid justification for believing that any correspondence beyond this specific report and timeframe were included in the initial Freedom of Information Act (FOIA) request made to History Associates.
As a researcher, I’m sharing this information: The FDIC mentioned they are handling my out-of-scope letter requests as individual Freedom of Information Act (FOIA) requests, which they will review promptly.
In a January 16th correspondence, Senator Cynthia Lummis of Wyoming cautioned the Federal Deposit Insurance Corporation (FDIC) that if the accusations of document destruction and hindering the investigation proved valid, it could lead to criminal charges being filed with the Department of Justice.
Initially, Brian Armstrong, the CEO of Coinbase, submitted a request under the Freedom of Information Act (FOIA) to receive correspondence from the Federal Deposit Insurance Corporation (FDIC) that were sent to banks in 2022 advising them to halt crypto-related transactions.
* After receiving heavily censored copies of the letters, the FDIC was instructed by Judge Ana Reyes to provide clearer and less-redacted documents to Coinbase’s executive.
Coinbase engaged History Associates Inc. to make a Freedom of Information Act (FOIA) request to the Federal Deposit Insurance Corporation (FDIC). The request was declined, leading to a lawsuit being initiated in order to secure the relevant documents through legal means.
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2025-01-20 09:17