Paul Grewal, Coinbase’s Chief Legal Officer (CLO), is set to testify at a congressional inquiry into Operation Choke Point 2.0. This testimony is only one component of a strategy to establish positive ties between the crypto community and the US federal government.
Coinbase has waged a sustained court battle to dig up old evidence of mistreatment yet is ready to comply with new and beneficial legislation.
Coinbase vs Operation Choke Point 2.0
Operation Choke Point 2.0 was a key piece of anti-crypto regulatory overreach that had a dire impact on the broader community. It directed financial institutions to “debank” crypto businesses, and attempts have been made to replicate it.
As the current government has started investigating these claims, Paul Grewal, Coinbase’s Chief Legal Officer (CLO), is set to testify against Operation Choke Point 2.0.
“This week, Congress is taking debanking head on. To help, Coinbase submitted a letter laying out why bank regulators should clear unjust roadblocks for crypto for the millions of Americans who use digital assets. We’re far past the era of crypto being on the fringe of the financial sector- it’s time for the federal code to reflect that,” Grewal claimed.
Specifically, a thaw is opening up amongst US federal regulators. President Trump vowed to tackle anti-crypto banking suppression, and the House Oversight Committee recently announced an extensive investigation into the matter.
Inspired by this progress, some community figures are even revealing their own stories of systematic harassment after years of silence.
However, if there’s one key leader in the fight against Operation Choke Point 2.0, it’d be Coinbase. In January, it forced the FDIC to reveal explicit documentation of regulatory misconduct and accused it of hiding more damning evidence.
Coinbase has a broader vision than merely stopping Operation Choke Point 2.0, however. This week, it is advocating for “clear and consistent crypto banking rules,” replacing old harassment with a new and mutualistic relationship.
Grewal’s testimony, which is scheduled for Thursday, is only one component of this broader campaign.
“I’ll also be testifying on what we learned about from our FOIA lawsuit on Operation Chokepoint 2.0 on Thursday before the House Committee on Financial Services. I’m proud to help shed light on the unfair treatment of our industry,” Grewal wrote.
Although the broader community has railed against Operation Choke Point 2.0, Coinbase is especially determined. The exchange has been constantly criticizing old US policy.
Also, it has taken proactive steps to reach compliance with new laws. Coinbase wants to reimagine the relationship between the federal government and the crypto community, and it has a plan for success.
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