Coinbase recently uncovered evidence that the Federal Deposit Insurance Corporation (FDIC) is advising US banks not to offer cryptocurrency-related services.
According to Paul Grewal, Coinbase’s chief legal officer, more than 20 cases have been identified in which the FDIC has explicitly told banks to “stop” or “refrain” from engaging in crypto banking.
This discovery follows Coinbase’s Freedom of Information Act (FOIA) requests aimed at increasing transparency regarding the stance of US banking regulators on cryptocurrencies.
In a Nov. 1 post, Grewal argued that these findings reveal an agency that is operating behind a “bureaucratic curtain” to restrict financial access to legitimate crypto businesses.
Among the 23 documented cases, one particularly detailed document – called “Document 5” – describes an FDIC meeting in which a bank’s crypto services were scrutinized. The bank provided additional documentation, but the FDIC advised it to stop expanding crypto services until a full review was conducted.
Coinbase continues to advocate for transparency and regulatory fairness as it prepares to work with whichever administration takes office after the upcoming US presidential election.
The revelations reflect ongoing tensions between crypto companies and regulators, highlighting the need for clarity in the evolving financial landscape.
The first week of July brings several important developments in the United States that could influence both traditional markets and the cryptocurrency sector.
Ric Edelman, one of the most influential voices in personal finance, has radically revised his stance on crypto allocation. After years of cautious optimism, he now believes that digital assets deserve a far larger share in investment portfolios than ever before.
In the case involving Terraform Labs and its co-founder Do Hyeong Kwon, the defense has asked the Federal Court for the Southern District of New York to extend the deadline for pretrial filings by two weeks, pushing it beyond the original date of July 1, 2025.
Coinbase has emerged as the best-performing stock in the S&P 500 for June, climbing 43% amid a surge of bullish momentum driven by regulatory clarity, product innovation, and deeper institutional interest in crypto.