Coinbase Chief Legal Officer Paul Grewal recently described the findings as a “shameful example” of excessive regulation against legitimate cryptocurrency companies. Grewal criticized the FDIC for concealment, noting that two other letters were discovered only after the agency claimed it had complied with an earlier court order. The newly disclosed letters, obtained through a court request under the Freedom of Information Act, reveal that the Federal Deposit Insurance Corporation (FDIC) has repeatedly urged banks to suspend crypto-related services pending further regulatory review. Grewal called for congressional hearings on the matter, saying: "Every time we pull at the thread, their sweater unravels further and it's hard for us to trust their sincerity."