Coinbase’s Top Lawyer to Testify in Congress

Paul Grewal, Chief Investment Officer at Coinbase, has announced that he will be testifying at an upcoming hearing held by the U.S. House Committee on Financial Services. 

The hearing, which is scheduled to take place on Feb. 6, will be focused on the so-called “Operation Chokepoint 2.0,” an alleged initiative by the U.S. government that was meant to target the cryptocurrency sector. 

As reported by U.Today, Coinbase recently managed to obtain several unredacted letters that were sent to banks by the Federal Deposit Insurance Corporation (FDIC). These letters were supposedly meant to discourage banks from working with cryptocurrency companies (similarly to how various industries of the likes of payday loans were seemingly targeted as part of the original “Operation Chokepoint” a decade ago).

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Grewal now intends to shed light on this controversy on behalf of the leading U.S. cryptocurrency exchange.

Last month, Senator Cynthia Lummis of Wyoming claimed that the FDIC had gotten rid of some documents related to Operation Checkpoint 2.0. The lawmaker, who famously introduced the bill aiming to create a strategic Bitcoin reserve, threatened to make criminal referrals to the Justice Department. 

Apart from Coinbase, several other prominent industry leaders have also spoken out against Operation Chokepoint 2.0.

Ripple CTO David Schwartz has argued that such a mechanism was “a despicable evil that is used as an end run around due process and should be discarded in the dustbin of history.”

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