**Coinbase Claims “Operation Choke Point 2.0” Uncovered in Newly Released FDIC Letters**

Coinbase, a major cryptocurrency exchange, dropped a bombshell on Friday, claiming that newly disclosed letters from the Federal Deposit Insurance Corporation (FDIC) confirm a long-held suspicion in the crypto world: the U.S. government has been secretly waging war on the industry.

These 23 letters, obtained through a Freedom of Information Act request, reveal the FDIC’s forceful instructions to banks in 2022, urging them to “pause all crypto-asset related activity” until proper regulations were in place. While the FDIC’s cautious approach to crypto was known, the explicit directive to halt activity was not. The letters, heavily redacted, don’t clarify if the FDIC ever completed its review or reached any conclusions.

Coinbase’s Chief Legal Officer, Paul Grewal, celebrated the release as proof of “Operation Choke Point 2.0″—a theory alleging a coordinated government effort to stifle the crypto industry by cutting off its access to banking services. He argued that law-abiding businesses deserve access to banking without government interference.

While the letters focus on banks offering crypto services, not debanking existing customers, a source close to Coinbase suggested a clear link. The chilling effect of these directives, they argued, could have led banks to preemptively freeze accounts of crypto companies and executives, fearing regulatory backlash and loss of FDIC insurance. “Imagine the uncertainty those banks felt,” the source emphasized.

This revelation comes on the heels of prominent figures like Marc Andreessen claiming that over 30 crypto founders have been debanked during President Biden’s term. Caitlin Long, CEO of Custodia Bank, and Coinbase CEO Brian Armstrong quickly echoed these claims with their own debanking experiences.

While the unredacted portions of the letters don’t explicitly connect the FDIC’s actions to widespread debanking, Coinbase believes this is just the tip of the iceberg. The company, along with other industry leaders, remains determined to unearth the “smoking gun” that definitively proves a government-led campaign to suffocate the crypto industry. The battle for clarity and fair treatment in the crypto space continues.

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