The Federal Deposit Insurance Corporation (FDIC) has settled a lawsuit with Coinbase by agreeing to pay $188,440 in legal fees and adjust its Freedom of Information Act (FOIA) policies regarding crypto-related “pause letters.” This resolution follows a court ruling that found the FDIC had violated federal disclosure laws by improperly withholding these documents, which revealed pressure on banks to limit crypto activities, an approach tied to alleged “Operation Choke Point 2.0” tactics. Under new leadership, the FDIC has committed to not categorically withholding all bank supervisory documents, aligning with recent policy shifts that emphasize transparency in crypto-related banking supervision. This change comes amid a broader movement for financial regulatory bodies to adopt more thorough document-by-document FOIA reviews, rather than blanket exemptions, enhancing oversight transparency in the crypto industry.
FDIC reaches settlement with Coinbase over crypto pause letters
