In a hearing of the House Financial Services Committee, Coinbase's Chief Legal Officer, Paul Grewal, testified about the abuse of authority from regulators who created barriers between banks and crypto firms. Grewal's complaints about "regulation by exhaustion" were met with agreement from Republican lawmakers who criticized the Biden administration's handling of crypto. The hearing also highlighted concerns from Democrats about cautioning banks against the crypto sector. Meanwhile, Coinbase has seen positive court sentiment and a policy reversal from the FDIC. The company's pursuit of FDIC documents under the Freedom of Information Act has been successful, and a judge criticized the agency for resisting the request. The FDIC has since released more documents. The House Financial Services Committee will continue its interest in the crypto industry with a hearing entitled "A Golden Age of Digital Assets: Charting a Path Forward" next week.



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