Paul Grewal, the Chief Legal Officer of Coinbase, is set to testify before Congress about Operation Choke Point 2.0. His goal is to advocate for fair regulations for the cryptocurrency industry. This testimony is part of a larger plan to build a better relationship between the crypto sector and the US government.
Coinbase has faced legal challenges to expose past regulatory issues while also being open to new laws that can benefit everyone involved. Operation Choke Point 2.0 aimed to pressure banks to deny services to crypto businesses. Although there have been attempts to revive these restrictions, current federal investigations suggest a change in approach. Grewal plans to address these unfair practices and call for clearer regulations.
Grewal stated, “This week, Congress is tackling debanking head-on. Coinbase submitted a letter explaining why bank regulators must remove unfair barriers against crypto for millions of Americans. Crypto is no longer on the fringe—it’s part of the financial system, and the law must reflect that.”
The House Oversight Committee is investigating anti-crypto banking restrictions, which aligns with President Trump’s promise to end regulatory suppression. This change has encouraged many in the industry to share their experiences with discrimination.
Coinbase has been particularly proactive in this fight. Earlier this year, the exchange compelled the FDIC to release documents that revealed regulatory misconduct. They accused the FDIC of hiding more damaging evidence. However, Coinbase’s mission extends beyond just opposing Operation Choke Point 2.0. They are also pushing for clear and consistent banking rules for crypto, aiming for a more cooperative relationship with regulators.
Grewal’s upcoming testimony is a significant step in this campaign. He expressed pride in helping to expose the unfair treatment of the crypto industry.
