Some US government agencies continue to reject transparency in their role in the CokePoint 2.0 process, which is a period during the Biden administration when it is claimed that Crypto and Tech Founders rejected banking services, according to Coinbase Paul Grew.
The collapse of friendly banks in early 2023 sparked the first allegations of the ChokePoint 2.0. Critics, including capitalism Nick Carter, described as a government effort to pressure banks to cut ties with cryptocurrencies.
Despite the recent regulatory transformations, agencies such as FDI’s Insurance Corporation (FDIC) continued “resisting basic transparency efforts”, as Grewal wrote in a publication on March 8 on X.
“They did not get the letter,” he wrote.
source: Paul Ghroul
Coinbase requested that FDIC provide details of the court on how to make “due care” to ensure that no documents related to the event are destroyed. However, the agency “has repeatedly refused to do so.”
His comments come a day after the US Currency Financial Office (OCC) reduced how banks cooperated with Crypto just hours after US President Donald Trump pledged to end the long campaign that restricts the arrival of encryption companies to banking services.
Trump’s comments were made during the White House encryption summit, where he told industry leaders that it was “ending the operation of Planet 2.0”.
source: Elon Musk
Cointelegraph reported in November 2024 that at least 30 founders of technology and encryption were “secretly deported” in the United States during the Countepoint 2.0 operation.
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FDIC only produced “excerpts” from the requests of the Freedom of Information Law
Grewal claimed that FDIC was not fully cooperated with COINBASE documentation requests under the Freedom of Information Law (FOIA):
“[…] The agency produced only excerpts from some documents that have nothing to do with specific policies or practices from the History Associas Law on its amended complaint. What exactly do they hide? “
Moreover, Grewal said that FDIC has reduced a total of 53 pages, with many other pages that contain “heavy revision, which makes documents incomprehensible.”
Jarwal added that his team asked the FDIC to submit a “right certificate” to the court.
On March 4, Coinbase as well Present FOIA requests the Securities and Stock Exchange Committee (SEC) to find out the number of investigations and enforcement procedures that were submitted against the encryption companies between April 17, 2021 and January 20, 2025.
Related to: Paulo Erdino: Competitors and politicians intend to “kill the rope”
Trump has previously signed an executive order to end some banking challenges for Web3 companies and create clearer regulations for digital assets, CointeleGRAPH said on January 24.
The American Federal and FDIC reserve executive excludes from the coded currency groups, in a move that might put an end to the efforts of the previous encryption industry, according to Caitlin Long, founder and CEO of Custodia.
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