Some US government agencies are accused of lacking transparency regarding their involvement in Operation Chokepoint 2. 0, during which banking services were allegedly denied to crypto and tech founders.
• Coinbase's legal officer, Paul Grewal, highlighted that the collapse of crypto-friendly banks in early 2023 raised concerns about Operation Chokepoint 2. 0.
• Critics argue that the government pressured banks to sever ties with cryptocurrency businesses.
• Agencies like the FDIC are accused of resisting transparency, with Grewal claiming they have not cooperated with inquiries regarding their actions during the operation.
• Coinbase requested the FDIC detail how they ensured no relevant documents were destroyed, but the agency has not complied.
• Grewal noted the FDIC's limited responses to Freedom of Information Act requests, suggesting they may be hiding information.
• Trump announced an end to Operation Chokepoint 2. 0 during the White House Crypto Summit and called for clearer regulations for digital assets.
Ongoing concerns surrounding transparency and accountability in US agencies affect the cryptocurrency sector, prompting calls for better regulation and oversight.
https://cointelegraph.com/news/fdic-transparency-operation-chokepoint-coinbase-clo
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