A certain exchange is suing the FDIC to prevent the disclosure of encryption-related documents, revealing the systematic obstruction by regulatory agencies.

[Chain News] On August 1, it was reported that the chief legal officer of a certain exchange, Paul Grewal, disclosed that the exchange has submitted a motion to the federal court, accusing the Federal Deposit Insurance Corporation (FDIC) of systematically obstructing the disclosure of documents related to "Operation Chokepoint 2.0". Court documents show that after being ordered to cooperate four times, the FDIC still refused to fully submit the "cease and desist letters" requiring banks to suspend encryption-related business from 2020 to 2024.

Internal policy documents confirm that the FDIC instructed employees to "withhold all" documents covered by the exemption clause 8 of the Freedom of Information Act without distinguishing between factual content and analytical materials. A certain exchange accused the agency of adopting an "extremely narrow interpretation," only searching for documents submitted to the Office of the Inspector General, resulting in the omission of a large number of key records. In the January hearing, the FDIC admitted that it had not established a record retention system for FOIA lawsuits.

This legal battle has forced the FDIC to disclose hundreds of pages of documents, showing that banks "commonly face resistance" when engaging in encryption business. With the Trump administration promoting crypto-friendly policies, a certain exchange stated that investigating these "historical misconducts" is to ensure they do not happen again.