Ana C. Reyes, the District Court judge for Washington DC, rebuked the Federal Deposit Insurance Corporation (FDIC) for a “lack of good faith” in publicizing its 2022 Coinbase letters.

Reyes claimed that the Corporation performed excessive redactions in these letters and ordered them to release more complete versions. These letters were only publicized after persistent efforts from the exchange.

Coinbase vs FDIC

Paul Grewal, the Chief Legal Officer at Coinbase, publicized these court proceedings today via social media. Last month, Coinbase exposed more than 20 letters that the FDIC sent to various banks in 2022. These letters advised the banks to avoid all crypto-related businesses.

However, the Corporation excessively redacted these letters, prompting Judge Reyes’ annoyance.

“The Court is concerned with what appears to be the FDIC’s lack of good-faith effort. Defendant cannot simply blanket redact everything…The Court ORDERS [emphasis hers] Defendant to re-review the documents, make more thoughtful redactions, and provide the new redactions to Plaintiff by January 3,” Reyes ruled.

Coinbase is currently suing the FDIC, prompting this official judgment. After Grewal relayed this statement to social media, he asked, “what is the FDIC working so hard to hide?”

Meanwhile, several prominent figures in the crypto community have raised concerns about “Operation Choke Point 2.0”, citing it as a new anti-crypto regulatory effort.

An attorney in the comments of Grewal’s post Go to Source to See Full Article
Author: Landon Manning