FDIC Documents Confirm Federal Push to Restrict Crypto Banking

Newly released letters reveal the FDIC pressured banks to halt crypto-related activities, fueling claims of a coordinated effort to de-bank the industry.

Coinbase obtained 23 heavily redacted FDIC letters through a Freedom of Information Act request, revealing directives to pause crypto-related activities in 2022.
The FDIC instructed banks to refrain from offering crypto services until regulatory expectations were determined, though no clear guidelines were provided.
Crypto leaders argue the letters validate long-standing claims of a government-backed effort, dubbed 'Operation Chokepoint 2.0,' to isolate the industry from banking services.
The documents do not explicitly mention debanking crypto companies, but some industry figures suggest the directives created uncertainty that led banks to cut ties with crypto clients.
Coinbase plans to petition for unredacted versions of the letters to uncover further details, as the debate over financial access for legal industries intensifies.