The U.S. FDIC has agreed to pay fees and settle the Freedom of Information Act lawsuit concerning the "suspension letter" related to the crypto industry.
PANews reported on February 9th that, according to Decrypt, the Federal Deposit Insurance Corporation (FDIC) has agreed to pay $188,440 in legal fees and drop its efforts to conceal crypto-related "suspension letters," thus settling a Freedom of Information Act lawsuit involving a so-called "chokehold 2.0" debanking strategy. This move concludes a case that forced the regulator to disclose records revealing how banks were allegedly pressured to halt or restrict crypto activities. Under the settlement agreement, the FDIC will adjust its information disclosure policy, committing to guiding employees in training to interpret information disclosure requests more broadly and explicitly stating that it will not implement a "one-size-fits-all" approach to concealing bank regulatory documents. Once the FDIC pays the fees, both parties will formally withdraw the lawsuit.
Previously, a court ruled that the FDIC violated the Freedom of Information Act by refusing to release all relevant letters without reviewing them individually. The company commissioned by Coinbase revealed dozens of "suspension letters" through this lawsuit, which its chief legal officer called conclusive evidence of "Operation Chokehold 2.0."
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