Deep Dives & Analysis

• FDIC FOIA Letters (Dec 2024): Letters obtained via Coinbase’s FOIA requests reveal the FDIC engaged in “offline conversations” and sent formal letters to almost two dozen banks in 2022, instructing them to pause or withdraw crypto services—an informal debanking playbook. [Source: Coinbase Blog]
• House Hearing (Feb 6, 2025): In testimony before the House Financial Services Committee, witnesses detailed how the FDIC used threats of supervisory action and off‑the‑record meetings to pressure banks into severing relationships with crypto firms, marking the apex of OCP 2.0’s enforcement tactics. [Hearing Transcript] [Pirate Wires Summary]
• Pirate Wires Investigation (Mar 2023 – Apr 2025): Nic Carter’s multi‑part series outlines OCP 2.0 as a cross‑agency campaign. Highlights include:
  
  • Part I (Mar 2023): Origins traced to post‑FTX regulatory memos. [Read]
  • Part III (Sep 2024): Inside Silvergate’s bankruptcy filings confirming regulatory demands to cap crypto deposits. [Read]
  • Part V (Apr 2025): Four days of events precipitating Signature’s downfall. [Read]
• NYT: Crypto Firms Forced Abroad (June 2023): The New York Times documents how U.S. crypto companies, citing “Operation Choke Point 2.0,” began seeking banking and regulatory refuge overseas as domestic access was systematically cut off. [Read]
• Industry Testimony: At a Senate Banking Committee hearing, Anchorage Digital CEO Nathan McCauley testified that after Signature’s collapse, over 40 banks refused to onboard or continue servicing Anchorage—citing a pervasive “no‑crypto” policy driven by regulatory risk guidance. [Testimony]
• Caitlin Long’s Critique: Crypto veteran Caitlin Long has labeled the OCP 2.0 tactics a “misguided crackdown,” arguing regulators weaponized the amorphous concept of reputational risk to “kill” lawful innovation, and has called for statutory limits on informal debanking pressure. [Custodia Bank Blog]

Visual: Timeline of major regulatory actions, bank collapses, and congressional hearings.
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All deep dives are summarized from congressional testimony, investigative journalism, and public statements. Full sources are listed on the Resources page.