Coinbase has initiated legal proceedings against the United States Securities and Exchange Commission and the Federal Deposit Insurance Corporation (FDIC). As per a report from FoxBusiness, the lawsuits were lodged on June 27 and assert that the SEC and FDIC did not fulfill Freedom of Information Act (FOIA) requests made to the U.S. District Court for the District of Columbia. The lawsuits from Coinbase allege that the federal agencies aimed to exclude the cryptocurrency industry from the banking sector.
The FOIA requests directed at the SEC were intended to gather information about the federal agency’s stance on Ethereum, particularly concerning the blockchain’s transition to a proof-of-stake (PoS) consensus mechanism. Coinbase sought documents related to Ethereum 2.0 and past inquiries involving Zachary Coburn and Enigma MPC through its consulting firm, History Associates Inc. In the legal filings, History Associates communicated:
Coinbase’s grievances contend that the regulatory measures against the crypto industry constitute part of a broader scheme to weaken it. The lawsuits characterize the actions of the SEC and FDIC as “a concerted effort to disconnect digital asset firms from vital banking services.” Coinbase perceives the SEC’s withholding of information from completed investigations as:
This recent legal recourse is a component of what History Associates terms in the legal documentation as “Coinbase’s continuous confrontation with U.S. regulators.” Paul Grewal, Coinbase’s chief legal officer, expressed in a communication:
As per the legal paperwork, History Associates underscore the “wider discourse regarding the regulation of digital assets in the U.S.” as Coinbase advocates for clearer directives.
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