Judge orders FDIC to revise crypto memo and improve transparency

A U.S. court has directed the Federal Deposit Insurance Corporation (FDIC) to revise its memo restricting banks' cryptocurrency activities, with the updated version due by Jan. 3, 2025. The judge also criticized the FDIC for "blanket redacting" in its release of the so-called 'Pause Letters' to Coinbase, instructing the agency to make “more thoughtful redactions.” Fox Business reporter Eleanor Terrett reported on X. Coinbase's Chief Legal Officer Paul Grewal raised concerns over the FDIC's transparency, while Coinbase has published a 2022 FDIC letter urging banks to halt cryptocurrency-related activities during the de-banking crisis.