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On February 5, 2025, the Federal Deposit Insurance Corporation published 175 documents from the correspondence of the FDIC from the Biden Era on the eve of the GOP hearing by GOP for US Senate banking on the debbling of the crypto company. New documents reveal new details of the so -called “Choke Point 2.0” operations.
After Trump’s inauguration, the Pro-Crypto team took over the FDIC and stood aside Coinbase in the battle against the alleged debbling of companies that work with the cryptocurrency currency.
2024. Coinbase sued the FDIC. The move allowed the company to use the Law on Freedom of Information to force the agency to publish part of its correspondence with financial institutions. The FDIC has published some of the highly redesigned documents that are known today as “The letters of a break”.
These letters have shown that the FDIC of Pressing the Financial Institutions to stop all businesses using the CRIPTO currency, effectively eliminating the right to use banking services for no proper reason. This practice has strengthened the increasing concerns of the constant “Operation Choke Point 2.0” under democratic administration.
The new FDIC team is critical of their predecessors and has published new documents voluntarily, without a connection with the Coinbase that practices FOIA.
What is within the new FDIC correspondence series
Another 175 FDIC documents were drawn up for release after a review made under the new chair, Travis Hill. Exit date matches with The start of the Senate hearing under the name “Research of Real Influences of Debancination in America.” Documents can serve as additional evidence of the efforts of the FDIC from the Era Biden to block the CRIPTO currency companies outside the banking services.
Newly renovated documents have found that the FDIC has pressed more companies to reveal crypto clients. Bank efforts to resist or ask additional questions welcomed the silence of the FDIC that could last for months. On some occasions, the FDIC sent Directive to completely suspend or refrain from all cryptocurrency or blockchain.
Coinbase Clo, Paul Grewal, who was active and vocal in the fight against the debinkling of the crypts of the client, led himself to X to demonstrate and comment on several passages from the published documents. He compared the FDIC’s actions to execute and call them “regulating exhaustion.”
Documents illustrate that in cases where banks and FDIC have concluded agreements that have limited the services to clients, corporations have made efforts to cancel such agreements and to achieve wider restrictions.
The FDIC was consistent in the demand for banks to refrain from supporting clients involved in the crypto transaction despite all the efforts of financial institutions to convince the Agency in the security and health of such transactions. Judging by the available documents, the banks lost in this battle and stopped all operations with cryptocurrency companies. The rejection of the crypto transaction did not mean that clients were returning banking services.
The FDIC cited reputation risks, crypto volatility and consumer protection as reasons for denying some clients their right to use banks.
An unexpected ally
In hearing on February 5, both Democrats and Republicans agreed that the cases they were investigating had experienced the unfair renunciation of banking on political basics. Surprisingly, even Senarica Elisabeth Warren, which is often seen As a direct enemy of the crypto currency, he stepped up to investigate unjustly debbling and take action.
Warren sent a Letter to President Trump in which she expressed her willingness to work with President, President Tim Scott and Congress to stop debbling. In the letter, she shares some of her findings. According to her analysis, there were thousands of cases of unjust debabling in three years, and more than half of the complaints were associated with four banks: Bank of America, JPMORGAN Chase, Wells Fargo and Citigroup.
It is indicative that her letter does not even mention the crypto currency, which means that Warren uses the agenda of the crypto community, and explicitly does not express its attitude towards the cryptic currency.
What is next?
Now that the FDIC and Government become the Allies of Coinbase, the anti-crypto operations of the previous FDIC Iteria will probably be stopped. Two -sided animation according to Debanking initiatives is a strong signal of change.
Based on the public announcement, we can imagine an approximate picture of future relations between the FDIC CRIPTO industry. According to Travis Hill, the FDIC will “reconsider the (their) supervisory approach to the crypto activities related to the crypt.” Includes several points. First, the corporation will replace Letter of financial institutions (Fil) 16-2022. This letter obliges all the institutions supervised by the FDIC to inform him of any engagement with the cryptocurrency activity and provide information for the inspection. As we see now, following these reviews, banks were forced to stop working with crypto clients.
The FDIC will cooperate closely with the president’s working group in digital property markets. Hill emphasizes that the FDIC will continue to adhere to the principle of security and sound.
