The trading platform sues the FDIC for obstructing the disclosure of encryption regulatory documents, triggering a legal battle.

On August 1, Paul Grewal, the Chief Legal Officer of a certain trading platform, disclosed that a motion has been submitted to the federal court, accusing the Federal Deposit Insurance Corporation (FDIC) of systematically obstructing the disclosure of documents related to "Operation Chokepoint 2.0." Court documents reveal that the FDIC, after being ordered to comply four times, still refused to fully submit the "cease and desist letters" that required banks to suspend their encryption-related business dealings from 2020 to 2024.

Internal policy documents confirm that the FDIC instructed employees to "fully withhold" documents covered by the Exemption 8 of the Freedom of Information Act, without distinguishing between factual content and analytical materials. A certain trading platform accused the agency of adopting an "extremely narrow interpretation," only searching for documents submitted to the Office of the Inspector General, resulting in a failure to detect a large number of key records. In a hearing in January, the FDIC admitted that it had not established a record-keeping system for FOIA litigation. This legal battle has forced the FDIC to disclose hundreds of pages of documents, showing that banks "generally encountered resistance" when engaging in cryptocurrency business. As the Trump administration pushed for cryptocurrency-friendly policies, a certain trading platform stated that tracing these "historical misconducts" is to ensure that they do not occur again.