Paul Grewal, Chief Legal Officer at Coinbase, has said that law-abiding businesses should have access to banking services without government interference. Grewal made this statement in a December 6 post on X.
"Law abiding American businesses should be able to access banking services without government interference," said Grewal. "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."
According to CCN, Operation Chokepoint 2.0 is described as an alleged effort by U.S. government agencies to restrict banking access for the cryptocurrency industry and specific technology sectors. This initiative is viewed as an extension of the original Operation Chokepoint, which targeted industries such as payday lending and firearms dealers by pressuring banks to sever financial ties, thereby limiting their access to essential banking services.
Paul Grewal's X post
| https://x.com/iampaulgrewal/status/1865036011828580534
In a post on X, Brian Armstrong, CEO of Coinbase, alleged that the Biden administration engaged in unethical and un-American actions. He suggested that Senator Elizabeth Warren and SEC Chair Gary Gensler attempted to "unlawfully kill" the crypto industry. Armstrong referenced ongoing Freedom of Information Act (FOIA) requests aimed at uncovering details of those involved and whether any laws were broken. He tied the issue to broader political consequences, including Democratic losses in the election.
Sam Kazemian, founder of Frax Finance, shared on X that JPMorgan informed him they would close accounts where the primary source of income or wealth was tied to cryptocurrency. He claimed the directive came "directly from the top" at JPMorgan, referencing CEO Jamie Dimon. Kazemian added his name to the "debanked OCP list," emphasizing the reality of crypto-related debanking and expressing hope for a resolution.
According to The Federalist Society, Paul Grewal has been serving as Chief Legal Officer at Coinbase since August 2020. Before joining Coinbase, Grewal served as Vice President and Deputy General Counsel at Facebook and as a U.S. Magistrate Judge for the Northern District of California. He holds a degree in Civil and Environmental Engineering from MIT and a J.D. from the University of Chicago Law School.
