Coinbase chief legal officer Paul Grewal shared documents revealing that the Federal Deposit Insurance Corporation (FDIC) urged banks to halt or avoid not only crypto-related services but also simple Bitcoin (BTC) offerings.
The letters are unredacted versions of documents shared by Grewal on Dec. 6, 2024. They were dubbed “pause letters” because they repeatedly recommend suspending or refraining from using crypto services.
Grewal stated:
“They show a coordinated effort to stop a wide variety of crypto activity — everything from basic BTC transactions to more complex offerings.”
These letters result from Coinbase’s Freedom of Information Act (FOIA) request filed on Oct. 18, seeking clarity on an alleged 15% deposit cap imposed on crypto-friendly banks.
Although the FDIC complied with the request in December 2024, the documents were heavily redacted. As a result, Coinbase made a new request to access versions with more accessible parts.
Grewal added that the FDIC found two
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