Coinbase CLO Paul Grewal Challenges FDIC Over FOIA Responses
- Paul Grewal, Coinbase’s Chief Legal Officer, criticized the FDIC for redacted and incomplete responses to FOIA requests.
- The FDIC allegedly did not conduct full-text searches in its RADD database and denied access to documents stored on Microsoft Teams.
- Coinbase identified at least 150 relevant documents omitted from the FDIC’s FOIA replies.
- The FDIC used “pause letters” urging banks to halt services to cryptocurrency clients, heavily redacted under FOIA Exemption 8.
- This situation revived discussions about ‘Operation Choke Point 2.0,’ where regulators allegedly pressured banks against crypto transactions.
Paul Grewal of Coinbase has raised significant concerns regarding the FDIC’s handling of FOIA requests, citing incomplete disclosures and the misuse of exemptions to withhold information. Critics argue this could hinder innovation in the crypto industry.
