Coinbase Chief Legal Officer: We have received the unredacted OCP 2.0 letter issued by the FDIC, and the new Congress should immediately initiate hearings

2025-01-05 09:29:56

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ChainCatcher news, Coinbase Chief Legal Officer Paul Grewal posted on X: "We have finally received the unredacted OCP 2.0 letter issued by the FDIC (Federal Deposit Insurance Corporation). This is a court order, but you can now read them below. This shows a coordinated effort aimed at stopping various crypto activities, from basic BTC transactions to more complex products.

Please note that the FDIC previously stated it had complied with earlier court orders, but miraculously found two additional suspension letters during this search. Every time we take action, new issues seem to arise, making it hard to believe in their sincerity. The new Congress should immediately initiate hearings on all these matters."

Ripple Chief Legal Officer Stuart Alderoty commented: "Well done. As a former bank GC, these letters convey one message: shut down everything related to cryptocurrency as soon as possible— not just the mentioned products and services. Writing directly to the board is a rare and serious approach. These letters are intended to send shockwaves to the banks."

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Coinbase FDIC OCP 2.0

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