Coinbase's Chief Legal Officer Paul Grewal recently shared documents revealing that the Federal Deposit Insurance Corporation (FDIC) had urged banks to stop or avoid not only services related to cryptocurrencies but also basic Bitcoin (BTC) services. These documents are unredacted versions of those shared by Grewal on December 6, 2024. Due to the repeated suggestions in the letters to suspend or avoid cryptocurrency services, these documents are referred to as "suspension letters."

Grewal stated:
"These documents show a coordinated effort to block various cryptocurrency activities—from basic Bitcoin transactions to more complex services."

These letters are the result of a request made by Coinbase on October 18, 2024, under the Freedom of Information Act (FOIA), aimed at clarifying the FDIC's alleged 15% deposit cap imposed on banks supporting cryptocurrencies.

Although the FDIC responded to the request in December 2024, most of the document's content was heavily redacted. Therefore, Coinbase made another request for a more complete version of the documents. Grewal added that in the new request, the FDIC discovered two additional letters, stating that new information would be revealed whenever pressured for clarification. He also urged Congress to "immediately" initiate hearings.

Previously, he had stated that these letters prove the authenticity of "Operation Chokepoint 2.0." It is alleged that this is an effort by the Biden administration to hinder the development of the U.S. cryptocurrency industry by restricting access to banking services.

FDIC's response:

In response, the FDIC released an internal memorandum from 2022, which clarified how its supervisory staff should treat banks planning to offer cryptocurrency services.

Although Grewal's letters show that the FDIC urged banks to avoid the cryptocurrency sector, the FDIC's recommendations did not explicitly require its supervisors to do so. Additionally, the FDIC's documents included a draft for supervisors to use in responding to banks notifying them of their plans to engage in cryptocurrency activities. This draft is similar to the content of certain letters shared by Grewal.

According to a Reuters report in December 2024, FDIC Chairman Martin Gruenberg stated that the agency did not obstruct banking services access for cryptocurrency companies. However, banks involved with cryptocurrencies would be "subject to supervisory scrutiny."

Participants in the U.S. cryptocurrency industry prioritize access to banking services and hope that elected President Donald Trump can address this issue on his first day in office.

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