2024

Freedom

<ul class="wp-block-list"> 
 <li><strong>Coinbase reveals FDIC’s advisories against banks offering crypto services.</strong></li> 
 <li><strong>Legal actions highlight demand for transparency in cryptocurrency regulation</strong>.</li> 
</ul> 
<p>Coinbase has revealed troubling findings about the Federal Deposit Insurance Corporation (FDIC), uncovering over 20 instances where the regulator advised banks to avoid providing crypto-related services. This information emerged following the exchange’s recent Freedom of Information Act (FOIA) requests aimed at shedding light on the ongoing governmental crackdown on cryptocurrencies.</p> 
<p>In a statement on November 1, Coinbase’s Chief Legal Officer, Paul Grewal, expressed concern over the FDIC’s actions, which he described as attempts to restrict financial access for law-abiding businesses. The documents submitted to the court illustrate the FDIC questioning banks’ risk assessments concerning cryptocurrency services. It often advises them to “pause” or “refrain” from offering such services until they conduct further reviews.</p> 
<div align="center">
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">Slowly but surely, the picture is becoming clear. After we sued, <a href="https://twitter.com/FDICgov?ref_src=twsrc%5Etfw">@FDICgov</a> finally started giving us information related to our FOIA request about the pause letters it sent to financial institutions as part of Operation Chokepoint 2.0. In short, the contents are a shameful example…</p>— paulgrewal.eth (@iampaulgrewal) <a href="https://twitter.com/iampaulgrewal/status/1852433093707387026?ref_src=twsrc%5Etfw">November 1, 2024</a>
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div> 
<p>Moreover, Grewal highlighted the lack of transparency in the FDIC’s operations. He emphasized that the agency operates behind a “bureaucratic curtain” instead of engaging in open discussions. This pattern of behavior raises questions about regulatory fairness and the implications for the broader crypto industry.</p> 
<h3 class="wp-block-heading" id="h-coinbase-against-sec">Coinbase Against SEC</h3> 
<p>Coinbase’s legal battles are not limited to the FDIC; the company has also filed lawsuits against the <a href="https://en.wikipedia.org/wiki/United_States">U.S.</a> Securities and Exchange Commission (<a href="https://thenewscrypto.com/crypto-firms-hit-with-400m-sec-enforcement-bill-under-gensler/">SEC</a>) seeking clarity on regulatory expectations. As the cryptocurrency sector faces increasing scrutiny, Coinbase’s efforts highlight a growing demand for clear and consistent regulatory guidelines. It could foster innovation while ensuring compliance.</p> 
<p>With the 2024 U.S. presidential <a href="https://thenewscrypto.com/us-elections-fuel-optimism-in-crypto-markets-as-btc-nears-69k/">election</a> approaching, Coinbase is prepared to collaborate with either major party, advocating for a more transparent regulatory environment that supports the burgeoning <a href="https://coinmarketcap.com/">crypto</a> market.</p> 
<p><strong>Highlighted News Of The Day</strong></p> 
<p><a href="https://thenewscrypto.com/ubs-launches-first-tokenized-money-market-fund-in-singapore/">UBS Launches First Tokenized Money Market Fund in Singapore</a></p>

Coinbase Calls Out FDIC for Restricting Crypto Banking Access

Table of Contents

TheNewsCrypto

Other articles published on Nov 2, 2024

This token is drawing investors from Chainlink, with analysts predicting a 2,500% rise

Is This $0.00033 Pol Coin the New Pepe? Early Investors Anticipate 15,000% Returns

3 Altcoins That Will Flip a $500 Investment into $50,000 by January 2025

Arthur Hayes Drops Bitcoin And Bets Big On Solana Ahead Of The Elections!

Crypto Analyst Predicts Dogecoin and Other Altcoins Will Rise

XYZVerse (XYZ) Sports Memecoin on Pol Chain Aims for 17,500% Growth Pre-Listing While SHIB and DO...

Join our free newsletter for daily crypto updates!