Coinbase has filed lawsuits against the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation. These court lawsuits, filed on June 27, accuse both agencies of failing to follow the Freedom of Information Act (FOIA) requests.
The disputes focus on the SEC and FDIC's refusal to disclose information on Ethereum's move to proof-of-stake and previous investigations into crypto-related activity.
Coinbase's consultant, History Associates Inc., emphasizes a broader conflict between banking regulators and the digital asset industry. The allegations highlight what Coinbase perceives as a purposeful attempt to isolate cryptocurrency startups from traditional banking systems.
The exchange also interprets the failure to provide records of completed investigations as an obstruction strategy. They claim it hurts the industry's efforts to achieve regulatory certainty.
This legal action is part of Coinbase's larger campaign for openness and fair treatment in the U.S. regulatory landscape. Coinbase's chief legal officer, Paul Grewal, blames banking regulators for attempting to stifle the expansion of the digital asset market and instead advocates for clear regulatory norms.
