Coinbase’s Paul Grewal to Testify Before Congress on Crypto Banking

Paul Grewal , Coinbase’s Chief Legal Officer (CLO) , is set to testify before Congress regarding Operation Choke Point 2.0 , aiming to push for fair crypto regulations. His testimony is part of a broader strategy to strengthen ties between the crypto industry and the US federal government . Coinbase has fought legal battles to uncover past regulatory misconduct while remaining open to new legislation that benefits both sides. Operation Choke Point 2.0 was a controversial effort that pressured financial institutions to cut off banking access for crypto businesses. While some attempts to revive these restrictions have emerged, current investigations by the federal government signal a shift in policy. Grewal’s testimony is expected to highlight these unfair practices and advocate for regulatory clarity. “This week, Congress is tackling debanking head-on . Coinbase submitted a letter explaining why bank regulators must remove unfair barriers against crypto for millions of Americans. Crypto is no longer on the fringe—it’s part of the financial system, and the law must reflect that,” Grewal said. The House Oversight Committee has launched a detailed investigation into anti-crypto banking restrictions, aligning with President Trump’s commitment to ending regulatory suppression. This shift has encouraged industry figures to speak out, revealing their experiences with systematic discrimination. Among those leading the charge, Coinbase has been particularly aggressive. In January, the exchange forced the FDIC to release documents exposing regulatory misconduct, accusing it of hiding more damaging evidence. However, Coinbase’s mission goes beyond just stopping Operation Choke Point 2.0 . The company is advocating for “ clear and consistent crypto banking rules ” that replace past hostility with a cooperative approach. Grewal’s testimony, scheduled for Thursday , is a crucial step in this effort. “I’ll be testifying on what we uncovered from our FOIA lawsuit against Operation Choke Point 2.0. I’m proud to help expose the unfair treatment of our industry,” Grewal stated. While the crypto community has long criticized these restrictions, Coinbase remains at the forefront, actively pushing for reforms. The exchange has not only challenged outdated policies but has also made efforts to comply with new laws, aiming to reshape the relationship between the federal government and the crypto sector .