The Federal Deposit Insurance Corporation (FDIC) has agreed to pay $188,440 in legal fees and release previously withheld documents related to cryptocurrency activities following the settlement of a Freedom of Information Act (FOIA) lawsuit. According to NS3.AI, these documents, known as 'pause letters,' indicate regulatory pressure on banks to halt or limit their involvement in cryptocurrency activities. This development confirms allegations of a coordinated effort referred to as Operation Choke Point 2.0.
The settlement mandates the FDIC to revise its FOIA policy, aiming to enhance transparency in its oversight of crypto firms. This move is seen as a significant step towards improving regulatory clarity in the cryptocurrency sector, addressing concerns about the agency's previous approach to supervising crypto-related activities.