Coinbase ‘won’t back down’ on pressure to reveal motive behind US crypto crackdown

Coinbase's long-term campaign to clarify how the US government approaches crypto, on Monday, the US crypto exchange filed with the Federal Deposit Insurance Commission (FDIC) internal documents with several legal questions.

of first The request refers to documents describing any capital or limits the FDIC is said to have imposed on American depository institutions. It was introduced through the Freedom of Information Act (FOIA), which requires US executive agencies such as the FDIC to disclose internal information if requested by the public.

Coinbase's second The FDIC's request asked for information about FOIA requests submitted to the banking regulator since early 2022. This may be an attempt to hold the FDIC accountable if the agency denies multiple requests for crypto-related information. Recipients of FOIA requests may be legally prohibited from voting. Reasons including in the name of respecting a subject's confidentiality, or personal privacy.

Paul Grewal, Coinbase's chief legal officer, announced the questions on Monday, framing it as the latest step in the company's ongoing battle to lift the US government's largely unknown crypto policies.

“In our continued effort to gain any clarity on how regulatory agencies are approaching digital assets, we have filed two new FOIA requests. “In short, as long as the government doesn't hold grudges, neither will Coinbase.”

Last week, Coinbase filed a petition in Washington DC federal court A snack The US Securities and Exchange Commission's (SEC) mishandling of crypto-related documents requested by FOIA. On several occasions, the SEC has denied FOIA requests filed by Coinbase, arguing that disclosure of the documents in question would interfere with the agency's law enforcement activities.

Meanwhile, America's top crypto exchange is currently filing a beta lawsuit against the SEC over the latter's refusal to issue a crypto-specific regulation. Coinbase is trying to force the agency to clarify its approach to digital assets through a court order. The case is currently a Federal Court of Appeals in Philadelphia.

Custodia Bank CEO Caitlin Long celebrated the announcement of crypto-related FOIA requests, linking what many in the industry see as the current White House policy of deliberately vague digital asset policies, in crypto-skeptic spaces. Example of the president Joe Biden And his close friend in the Senate, Elizabeth Warren (D-MA)

“Biden/Warren Federal Banking Agencies' Illegality Against US Banks That Served Law-Abiding Crypto Companies Continues To Be Exposed”. Posted Monday to Twitter. “Justice will come for this, people.”

Edited by Andrew Hayward.