Summary
- The U.S. FDIC has reportedly requested American banks to halt activities related to virtual assets.
- Paul Grewal, CLO of Coinbase, revealed documents suggesting that Choke Point 2.0 is a government debanking operation.
- The request indicates potential interference with banking services for law-abiding American companies.
The U.S. Federal Deposit Insurance Corporation (FDIC) has reportedly requested American banks to halt activities related to virtual assets.
On the 5th (local time), Paul Grewal, the Chief Legal Officer (CLO) of Coinbase, stated on X, "Documents have emerged showing that Choke Point 2.0 was not just a virtual asset conspiracy theory," and "we have obtained the 'pause letters' from government agencies." He added, "Law-abiding American companies should be able to use banking services without government interference," and "the incoming (Trump) administration could reverse misguided regulations like Choke Point 2.0."
According to the document, the FDIC notified banks, "We respectfully request that you cease all activities related to virtual assets."
Meanwhile, Choke Point 2.0 is a term used to describe the government's debanking operations targeting the virtual asset industry.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
