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paulgrewal.eth Profile picture
@iampaulgrewal
Nov 1 • 3 tweets • 1 min read • Read on X
Slowly but surely, the picture is becoming clear. After we sued, @FDICgov finally started giving us information related to our FOIA request about the pause letters it sent to financial institutions as part of Operation Chokepoint 2.0. In short, the contents are a shameful example of a government agency trying to cut off financial access to law-abiding American companies. 1/3
So far we've uncovered more than 20 examples of the FDIC telling banks to “pause” or “refrain from providing” or “not proceed” with offering crypto-banking services. The public deserves transparency, not an agency that’s working behind a bureaucratic curtain. 2/3
We don’t have the full letters yet, but what we’ve seen so far speaks volumes. Take a look for yourself. In the meantime, we’ll keep pushing to get clarity from our regulators through FOIA requests and any other means necessary. 3/3 assets.ctfassets.net/c5bd0wqjc7v0/7…

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More from @iampaulgrewal

paulgrewal.eth Profile picture
Nov 26
Privacy wins. Today the Fifth Circuit held that @USTreasury’s sanctions against Tornado Cash smart contracts are unlawful. This is a historic win for crypto and all who cares about defending liberty. @coinbase is proud to have helped lead this important challenge. 1/6
These smart contracts must now be removed from the sanctions list and US persons will once again be allowed to use this privacy-protecting protocol. Put another way, the government’s overreach will not stand. 2/6
No one wants criminals to use crypto protocols, but blocking open source technology entirely because a small portion of users are bad actors is not what Congress authorized. These sanctions stretched Treasury’s authority beyond recognition, and the Fifth Circuit agreed. 3/6
Read 7 tweets
paulgrewal.eth Profile picture
Jun 29
Chevron: gone. Secondary sales in the Binance case: gone (more to say about that...). And now, late on a Friday, more stonewalling from @SECGov to stop Coinbase from obtaining documents from Gary Gensler in our litigation. 🧵⬇️
As background, in March 2021, Mr. Gensler told Congress that the SEC lacked regulatory authority over digital asset exchanges, confirming market participants’ longstanding view that transactions in digital assets traded on such exchanges fell outside the securities laws.
As a prominent professor of blockchain technology, and later speaking in his individual capacity even while serving as Chair of the SEC, Mr. Gensler made a host of other statements on this very matter, both to the public at large and to audiences of market participants.
Read 6 tweets
paulgrewal.eth Profile picture
May 24
We just filed our reply in our request to file an interlocutory appeal with the 2nd Circuit. Unlike @SECGov, @coinbase’s position remains the same: To push for clarity for our industry and the 52 million Americans who own crypto, and against the SEC’s overreach beyond the authority it’s been given from Congress. 1/5
The core question we’re asking to appeal is whether the SEC may regulate as “investment contracts” digital asset transactions that don’t involve anything contractual. And we’re not the only ones who think this question deserves an interlocutory appeal. The SEC itself, in its request for the same relief in the Ripple case, acknowledged that this question has “industry-wide significance,” and noted that there are “substantial grounds for difference of opinion.” 2/5
From the beginning, we came to the SEC with good-faith efforts to have a conversation about a workable and balanced regulatory framework for crypto innovation within the US. Instead, we - like much of the industry - have been met with slammed doors, changing positions, and litigation. 3/5
Read 5 tweets
paulgrewal.eth Profile picture
Mar 27
Today, the Court decided that our SEC case will move forward on most of the claims, but dismissed the claims against Coinbase Wallet. We were prepared for this, and we look forward to uncovering more about the SEC’s internal views and discussions on crypto regulation. 1/6
Early motions like ours against a government agency are almost always denied. But clarity is the ultimate goal and today’s decision continues us on that path. 2/6
While we continue this process, and any necessary appeals, we encourage Congress to build on the momentum we saw last year to advance comprehensive digital assets legislation in the US. This is critical if we want innovation to remain in the US. 3/6
Read 6 tweets
paulgrewal.eth Profile picture
Mar 20
Sigh... again with the ETH misinformation as we await a decision on ETH ETPs. Ok--let’s talk about some basic facts about Ethereum. Millions of Americans hold ETH; it has been vital to crypto since its 2015 launch; and ETH is a commodity, not a security. 1/10
The SEC has taken this position for years. 2/10
Ex. A. Senior SEC officials have said ETH is not a security, see e.g. SEC Director of Corporation Finance Hinman’s statement 3/10docs.google.com/document/d/13O…
Read 10 tweets
paulgrewal.eth Profile picture
Mar 11
Today @coinbase filed our opening brief in the Third Circuit challenging the SEC’s denial of our rulemaking petition. Tl;dr: the SEC’s denial is arbitrary and capricious, an abuse of discretion, and a violation of the Administrative Procedures Act. 1/7 assets.ctfassets.net/c5bd0wqjc7v0/4…
If you go back and read the SEC’s perfunctory denial, you’ll be hard pressed to find an actual reason for its inaction. This is despite the dozens of legitimate concerns we raised in our petition, including questioning the SEC's authority over the digital asset space. 2/7
For years the SEC acknowledged the limits of its authority over digital assets and asked Congress to give it additional authority to regulate our industry. 3/7
Read 7 tweets

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