Paul Grewal, Chief Legal Officer at Coinbase, said in a December 6 post on X that the incoming administration has the opportunity to reverse regulatory decisions that have negatively impacted the cryptocurrency industry. He specifically mentioned actions such as Operation Chokepoint 2.0.
"The incoming administration has the opportunity to reverse so many poor crypto policy decisions, chief among them politically motivated regulatory decisions like Operation Chokepoint 2.0," said Grewal.
According to Coingeek, Operation Choke Point 2.0 refers to alleged efforts by U.S. regulators to restrict crypto firms' access to banking services. Freedom of Information Act (FOIA) requests filed by Coinbase revealed that in March 2022, the Federal Deposit Insurance Corporation (FDIC) asked banks to "pause" or refrain from expanding crypto-related activities until proper risk assessments were completed. Critics argue this reflects targeted action against the crypto industry, while regulators describe it as a precautionary measure following volatile token prices and high-profile bankruptcies.
Paul Grewal's X post
| https://x.com/iampaulgrewal/status/1865036011828580534
Brian Armstrong, CEO of Coinbase, claimed on X that the Biden administration engaged in unethical actions targeting the crypto industry. He alleged that Senator Elizabeth Warren and Securities and Exchange Commission (SEC) Chair Gary Gensler attempted to "unlawfully kill" the sector. Armstrong suggested these actions were politically motivated and contributed to Democratic losses in recent elections. He indicated that Coinbase is actively collecting documents via FOIA requests to uncover the full extent of involvement and determine whether any laws were broken.
Tech investor Marc Andreessen, speaking on The Joe Rogan Experience podcast, asserted that "over 30 founders had been debanked in the last four years," describing it as a targeted attack on legal businesses and highlighting its impact on access to financial services.
Grewal has served as Chief Legal Officer at Coinbase since August 2020, according to The Federalist Society. Before joining Coinbase, he was Vice President and Deputy General Counsel at Facebook and previously served as a U.S. Magistrate Judge for the Northern District of California. Grewal earned a degree in Civil and Environmental Engineering from MIT and a J.D. from the University of Chicago Law School.