news 
Title: Coinbase’s Unredacted FDIC Letters Urge Banks to Avoid Offering Basic Bitcoin Services
As the cryptocurrency market continues its upward trajectory, a recent development has sparked concerns about regulatory hurdles for the sector. Coinbase, a leading digital currency exchange and wallet service provider, has released unredacted letters from the Federal Deposit Insurance Corporation (FDIC) that advise banks to avoid offering basic Bitcoin services.
These letters, which were initially redacted, contain language suggesting that banks should refrain from engaging in activities related to Bitcoin, including buying, selling, holding, or facilitating transactions with the digital currency. This stance is particularly noteworthy, given the growing institutional adoption and mainstream recognition of cryptocurrencies like Bitcoin.
According to Paul Grewal, Chief Legal Officer at Coinbase, these letters highlight the need for regulatory clarity in the space. “As a leading player in this industry, we believe it’s essential for regulators to provide clear guidance on how banks should handle transactions involving Bitcoin,” he emphasized.
Source: cryptoslate.com
