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On Thursday, Coinbase initiated legal action against the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC). According to a FoxBusiness report, the lawsuits assert that both agencies failed to respond to Freedom of Information Act (FOIA) requests submitted to the U.S. District Court for the District of Columbia.
Coinbase's lawsuits contend that the SEC and FDIC did not provide the requested information under the FOIA, thereby hindering transparency in regulatory matters. The cryptocurrency exchange alleges that these federal agencies are trying to sideline the cryptocurrency industry within the banking sector. Coinbase's FOIA requests to the SEC sought information on the agency's position regarding Ethereum, particularly its shift to a proof-of-stake (PoS) consensus mechanism with Ethereum 2.0. Additionally, Coinbase requested records related to previous investigations involving individuals such as Zachary Coburn and Enigma MPC, through its consultant firm, History Associates Inc.