According to Decrypt, the latest declassified documents obtained by Coinbase through the Freedom of Information Act (FOIA) show that the Federal Deposit Insurance Corporation (FDIC) has explicitly opposed its member banks using public blockchain networks to provide services. According to the document disclosure, the FDIC New York office sent a letter to a member bank in March 2022 expressing concerns about the bank's plan to launch a "bank digital deposit" project on the public chain, requiring a new detailed review before launching any products based on the public chain. In addition, the document also shows that the FDIC had requested member banks to suspend all Bitcoin buying and selling related services and cryptocurrency asset activities. Coinbase Chief Legal Officer Paul Grewal believes that these documents further confirm the existence of the Biden administration's "Operation Chokepoint 2.0" to suppress the cryptocurrency industry through banking regulation. @drinkbeerkillwar.eth

This is a concerning development for the crypto industry.