U.S. Regulator Told Banks to Avoid Crypto, Letters Obtained by Coinbase Reveal

Quick Summary:

Coinbase's Paul Grewal says this is hard evidence proving the industry hasn't been spouting conspiracy theories about being shoved out of U.S.banking.

The heavily-redacted documents emerged on Friday, showing the banking regulator slamming the brakes on lenders offering or considering products and services in the digital assets sector.

"There was a concerted plan on the part of the FDIC that they carried out — without any reluctance — to deny banking services to a legal American industry.

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Article Details

Author / Journalist: Jesse Hamilton

Category: Crypto

Markets: United StatesCubaIraq

Topics: Coinbase Martin Gruenberg Policy Federal Deposit Insurance Corporation Banking Court Cases

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-06 @ 13:56:34 (6 days ago)

News Timezone: GMT -5:00

News Source URL: coindesk.com

Language: English

Article Length: 686 words

Reading Time: 4 minutes read

Sentences: 37 lines

Sentence Length: 19 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © CoinDesk

News ID: 24312380

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