Coinbase General Counsel Paul Grewal wrote on his social media page X that the FDIC has repeatedly advised banks to suspend services to cryptocurrency companies and clients transacting in digital assets. The lawsuit against the FDIC details the contents of about 20 letters the agency previously sent to banks. One of the documents describes how the FDIC met with a bank to review its crypto services.
Although the bank provided the agency with the requested information after the meeting, the FDIC recommended that the financial institution refrain from servicing crypto companies until the review was completed. Grewal called it a “shameful example” of a government agency trying to cut off access to finance to American crypto companies that seek to comply with the law. The public deserves transparency, not a regulator working behind a “bureaucratic veil,” the legal adviser said.
Recently, Coinbase management stated that it is ready to interact on issues of cryptocurrency regulation with any US administration, regardless of who wins the presidential election: Democratic Party candidate and Vice President Kamala Harris or Republican Donald Trump. .
Earlier, Ripple CEO Brad Garlinghouse said that the bank Citigroup Inc, which had been serving him for about 25 years, blocked his bank account due to increased control by regulators. The bank gave Garlinghouse the opportunity to withdraw the remaining funds within a few days.
Source: Bits
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