Coinbase declared vindication on Friday, claiming that newly disclosed correspondences between the Federal Deposit Insurance Corporation (FDIC) and member banks help prove that the U.S. government has been secretly waging a war on crypto for years.

But what exactly do the documents reveal?

Coinbase has long pushed for the FDIC to disclose how it has communicated with American banks about crypto. On Friday, the company—and the public—got some answer to that question, with the FDIC publishing 23 letters it sent to member banks about crypto in 2022, in compliance with a request filed by Coinbase under the Freedom of Information Act (FOIA).

The letters, which are heavily redacted, show how the FDIC instructed banks considering crypto-related products and services to refrain from offering those activities until the agency determined how to properly regulate them.

“We respectfully ask that you pause all crypto asset-related activity

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Author: Sander Lutz