- Coinbase filed two lawsuits Thursday in Washington D.C.
- The exchange took legal action against the SEC and FDIC.
- Coinbase accused the regulators of failing to comply with FOIA requests.
Crypto exchange Coinbase is reportedly launching a new legal offensive against two regulators in the U.S. to procure information relating to the agenciesโ approaches to crypto regulation.
On June 27, media outlets reported that Coinbase had filed two lawsuits in a Washington, D.C., district court, suing the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) for not complying with Freedom of Information Act (FOIA) requests.
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FOIA requests made under the Freedom of Information Act allow for the public to inquire about records from any federal agency.
Coinbase โDemandsโ SECโs Transparency
According to a Fox Business report on Thursday, Coinbase has filed the two lawsuits to gain access to internal records of the SEC and FDIC to shed light on the agenciesโ alleged โdeliberate and concertedโ effort to cut off the crypto industry from the federal banking system.
โFor years, financial regulators โ including the SEC, the FDIC, and the Federal Reserve Board โ have used every tool at their disposal to try to cripple the digital-asset industry,โ The report quoted a Coinbase spokeswoman.
The allegedly denied FOIA requests by Coinbase through consultant firm History Associates Inc. sought information about โpause lettersโ sent by the FDIC between March 2022 and May 2023 to some banks asking them to halt any crypto-related activity until the agency provides guidance on risks.
The exchange also requested details on three SEC investigations into crypto firms and entrepreneurs over the last four years, including information on the regulatorโs recently closed Ethereum 2.0 investigation.
The two regulators are yet to issue a statement on the development.
Read about the recent massive Bitcoin exodus from Coinbase:
Coinbase Suffers $500M Bitcoin Exodus as ETFs Gain Traction
Stay updated on how Bitstamp is preparing for MiCA implementation:
Bitstamp Slashes Euro Tether Ahead of MiCA Implementation
