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The U.S. Federal Deposit Insurance Corporation (FDIC) continues to “resist” transparency efforts regarding alleged past attempts to quash the crypto sector, according to Coinbase chief legal officer Paul Grewal. Grewal references “Operation Choke Point 2.0,” an alleged attempt by the Biden Administration government regulators to stifle the crypto industry. Coinbase has been using the Freedom of Information Act (FOIA) to uncover instances of the FDIC asking banks to freeze crypto services, known as “pause letters,” but Grewal says they are not fully complying. The exchange hired the law firm History Associates, which filed a motion in January asking a federal court to intervene. Explains Grewal, “One of our requests concerns FDIC’s representation in a hearing before the Court that the agency had conducted “due diligence” to ensure that no documents were destroyed. We asked FDIC to describe what example that due diligence was. But FDIC has repeatedly refused to do so, and now takes umbrage at the request to explain the basis of its assertion to the Court. In response to our requests for FDIC guidance or policies on processing FOIA requests—directly relevant to our policy-or-practice claims—the agency has produced only snippets from a few documents that have little to nothing to do with the specific FOIA policies or practices that History Associates has challenged in its amended complaint. What exactly are they hiding?” Last month, the FDIC released redacted documents related to its supervision of crypto-related activities, which include pause letters sent to 24 banks as well as communications and records involving other regulated institutions. House Oversight Committee Chairman James Comer (R-KY) subsequently sent a letter to FDIC Acting Chairman Travis Hill requesting unredacted copies of the documents. Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post FDIC Still Resisting Transparency Into Operation Choke Point 2.0, Says Coinbase Chief Legal Officer Paul Grewal appeared first on The Daily Hodl .
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Fidelity Ethereum ETF Proposes New Staking Opportunities for Investors
The Fidelity Ethereum ETF seeks to introduce staking options for additional earnings. The SEC is expected to respond to the proposal within 45 days. Continue Reading: Fidelity Ethereum ETF Proposes New Staking Opportunities for Investors The post Fidelity Ethereum ETF Proposes New Staking Opportunities for Investors appeared first on COINTURK NEWS . The Daily Hodl
Bitcoin Struggles Below $82K While Coinbase Premium Rises—What’s Next?
Bitcoin continues to face challenges in regaining upward momentum, with the cryptocurrency still trading below $82,000 as of today. The asset remains 25.1% below its all-time high of $109,000, recorded in January. Over the past 24 hours, BTC has seen an additional 0.7% decline, reflecting ongoing market hesitation and uncertainty among investors. Amid this price performance, CryptoQuant analyst Avocado Onchain has identified a notable trend in Bitcoin’s price channel. Related Reading: Bitcoin’s Future Comes Down To This One Question, Says Bitwise Bitcoin Coinbase Premium and Market Sentiment Despite Bitcoin’s downward trajectory, the Coinbase premium has been forming higher lows, indicating potential underlying demand. However, the CryptoQuant analyst warns that no clear signals of a breakout or reversal have emerged, leaving the market in an uncertain state. Particularly, according to Avocado Onchain, Bitcoin’s price remains within a declining price channel, with repeated pullbacks making it difficult to determine a clear trend. Avocado noted: So far, there is no decisive movement indicating a full-fledged downtrend, but at the same time, there are no clear signs of a bullish reversal either. The market is becoming increasingly uncertain, creating an environment designed to confuse and unsettle investors. The Coinbase premium, which measures the difference between Bitcoin prices on Coinbase and other exchanges, has shown higher lows despite the downward price action. This could suggest that US-based investors are still accumulating BTC, even as the broader market struggles to find direction. The analyst cautions against overleveraging on bullish news or panic selling during downturns, emphasizing that strategic decisions should be made ahead of time rather than in reaction to market fluctuations. While there is no confirmation of a bear market, Avocado believes that exiting positions based on short-term fear could lead to missed opportunities in the long run. The analyst wrote: From my perspective, there isn’t enough data to declare a bear market at this point. Abandoning positions now could end up being an ill-timed exit rather than a calculated decision. Miner Selling Pressure and Market Implications Adding to the market pressure, CryptoQuant analyst IT Tech has noted a spike in BTC miner selling activity. Data shows that as Bitcoin dropped to $77,700, miners increased their BTC transfers to exchanges, a move that historically signals selling pressure at market lows. Related Reading: ‘The Magic Line’: Key Support Level At $74,000 Determines Bitcoin Bull Or Bear Future Miners often sell BTC to cover operational costs, especially during price declines. If miner selling pressure continues, it could limit Bitcoin’s ability to recover in the short term. However, if buyer demand remains strong enough to absorb the excess supply, Bitcoin may stabilize at its current levels before attempting a rebound. Featured image created with DALL-E, Chart from TradingView The Daily Hodl
