The Federal Deposit Insurance Corporation of the United States has explicitly opposed its member banks using public blockchain networks to provide services

2025-01-04 09:00:49

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ChainCatcher news, according to Decrypt, based on the latest declassified documents obtained by Coinbase through the Freedom of Information Act (FOIA), the Federal Deposit Insurance Corporation (FDIC) had explicitly opposed its member banks using public blockchain networks to provide services.

The documents reveal that the FDIC's New York office sent a letter to a member bank in March 2022, expressing concerns about the bank's plan to launch a "bank digital deposit" project on a public chain, and required a new detailed review before launching any public chain-based products. Additionally, the documents also show that the FDIC had requested member banks to suspend all services related to Bitcoin trading and cryptocurrency activities.

Coinbase Chief Legal Officer Paul Grewal believes that these documents further confirm the existence of the Biden administration's "Operation Chokepoint 2.0," which aims to suppress the cryptocurrency industry through bank regulation.

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