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According to Fox Business, Coinbase, the largest cryptocurrency exchange in the USA, filed a lawsuit against the SEC and FDIC due to FOIA requests.
In the lawsuit, Coinbase claimed that federal regulators were trying to eliminate crypto.
Coinbase filed two lawsuits against the US Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) for failing to comply with and violating its requests arising from the Freedom of Information Act (FOIA).
He asked the court to force the SEC and FDIC to comply with its requests under FOIA.
Coinbase targeted the SEC and FDIC in lawsuits filed today in the U.S. District Court for the District of Columbia, accusing federal financial regulators of trying to separate the cryptocurrency industry from the banking industry.
According to Coinbase's allegations, the SEC and FDIC use similar justifications for not providing the information Coinbase requests.
A Coinbase spokesperson said in a statement to FOX Business:
“For years, financial regulators, including the SEC, FDIC, and FED, have used every tool at their disposal to cripple the digital asset industry.
That's why we demand transparency from our Federal government.”
🚨NEW from me: Coinbase sues SEC, FDIC for information relating to crypto regulation@coinbase is looking to shed light on what it describes as a “deliberate and concerted effort by the @SECGov, @FDICgov and other financial regulators” to pressure banks to deny crypto firms…
— Eleanor Terrett (@EleanorTerrett) June 27, 2024
*This is not investment advice.