As a seasoned crypto investor with a keen eye for regulatory developments, I find the recent turn of events between the FDIC and Coinbase intriguing. Having navigated through the crypto market’s turbulent waters for years, I have grown accustomed to the occasional red tape that comes with this innovative industry. However, the redactions in these “pause letters” seem a bit excessive, even for regulatory standards.
A U.S. federal judge has expressed disapproval towards the Federal Deposit Insurance Corporation (FDIC) for editing out certain details from letters about cryptocurrency “pauses” that they sent to banks, as part of a lawsuit under the Freedom of Information Act (FOIA), which was initiated by Coinbase.
In her December 12th ruling, District Court Judge Ana Reyes expressed worry over what seems like the Federal Deposit Insurance Corporation’s insufficient attempts to make careful redactions in good faith.
“Defendant cannot simply blanket redact everything that is not an article or preposition.”
As a researcher, I am tasked with reporting that Judge Reyes instructed the Federal Deposit Insurance Corporation (FDIC) to carefully revise certain portions of their documents and resubmit them by January 3. The judge emphasized that the FDIC should be ready to justify each newly redacted section, suggesting a meticulous approach in their redaction process.
Earlier in December, we referred to certain letters as “pause letters.” These documents, with parts sometimes completely blacked out, demonstrate that the FDIC inquired about cryptocurrency activities from 23 different financial institutions.
In certain communications, the FDIC advised the companies to halt any actions involving cryptocurrencies or abstain from offering or broadening services that appear to be related to cryptocurrencies.
Paul Grewal, the legal head of Coinbase, questioned on December 12th what efforts the Federal Deposit Insurance Corporation (FDIC) is making to conceal something.
Recently, Grewal stated that these letters lend support to an ongoing speculation within the cryptocurrency sector about the Biden administration’s attempts to isolate the crypto industry from financial services, a strategy often referred to as “Operation Chokepoint 2.0.
[Grewal] stated on Dec. 6 that it was not merely a speculative claim about cryptocurrency, but rather, the FDIC is concealing information by using overly broad blackouts.
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2024-12-13 07:31