Today (Thursday), Coinbase filed lawsuits against the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC). According to a report from FoxBusiness, the lawsuits claim that both agencies failed to fulfill Freedom of Information Act (FOIA) requests submitted to the U.S. District Court for the District of Columbia.

Alleging Regulatory Opacity

The lawsuits from Coinbase allege that the SEC and FDIC neglected to provide requested information under the FOIA, impacting transparency in regulatory dealings. Coinbase accuses the federal agencies of actions perceived as attempting to marginalize the cryptocurrency industry within the banking sector.

BREAKING: 🇺🇸 COINBASE IS SUING THE SEC, ALLEGING REGULATORS ARE TRYING TO CRIPPLE THE CRYPTO INDUSTRY. pic.twitter.com/bD1B1Vny1r

— Bitcoin Magazine (@BitcoinMagazine) June 27, 2024

Specifically, Coinbase's FOIA requests to the SEC aimed to obtain information concerning the agency's stance on Ethereum, particularly its transition to a proof-of-stake (PoS) consensus mechanism with Ethereum 2.0. Additionally, Coinbase sought records related to prior investigations involving individuals such as Zachary Coburn and Enigma MPC, facilitated through its consultant firm, History Associates Inc.