Coinbase Chief Legal Officer accuses FDIC of secret actions to suppress cryptocurrency industry

BlockBeats News: On November 3rd, Paul Grewal, Chief Legal Officer of Coinbase, accused the Federal Deposit Insurance Corporation (FDIC) of taking secret actions to suppress the cryptocurrency industry. Grewal claims that documents obtained through the Freedom of Information Act show a series of so-called 'suspension letters'. It is reported that in these letters, the FDIC instructed banks to delay or cease providing services to cryptocurrency companies. He described these letters as a shameful example of US government agencies attempting to cut off the financial channels of law-abiding American companies, and pointed out that the FDIC is unfairly targeting legitimate cryptocurrency companies by restricting their access to banking services. According to documents shared by Coinbase, FDIC officials are urging banks to avoid launching or expanding cryptocurrency related services due to concerns about "security and robustness" and potential consumer risks. In each case, the FDIC requires banks to wait until they complete further review - a process that Coinbase believes creates unfair barriers for cryptocurrency companies. （DL News）