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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.
READ MORE: American Convicted for Cryptocurrency Home Invasions Across Multiple States
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.