Coinbase Sues SEC and FDIC Over FOIA Non-Compliance

Coinbase has filed lawsuits against the SEC and FDIC, accusing them of not complying with Freedom of Information Act (FOIA) requests.

The lawsuits, filed in the U.S. District Court for the District of Columbia, claim that these agencies are attempting to exclude the crypto industry from the banking sector.

Key Allegations

FOIA Requests: Coinbase sought information on the SEC’s view on Ethereum’s shift to proof-of-stake and past investigations involving Zachary Coburn and Enigma MPC.
Regulatory Actions: Coinbase alleges that federal regulators, including the SEC, FDIC, and Federal Reserve Board, have used various tools to hinder the digital-asset industry.
Obstruction: The SEC’s refusal to release records is seen as a deliberate attempt to obstruct understanding of its enforcement actions.

Ongoing Dispute

Paul Grewal, Coinbase’s chief legal officer, criticized the regulators’ approach, emphasizing the need for clearer and more transparent guidelines for the crypto industry. This legal action is part of Coinbase’s broader effort to address regulatory challenges in the U.S.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.