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Highlights
- Coinbase is poking holes in the FDIC's response to its FOIA request.
- An executive at the exchange says the response revealed only a fraction of the request.
- Coinbase has filed a similar request with the SEC to seek information on its enforcement action over the industry.
The Federal Deposit Insurance Commission (FDIC) has filed a response to Coinbase’s request for information under the Freedom of Information Act (FOIA). Coinbase says the response is far from sufficient as it pledges to heighten its quest for additional information.
Coinbase Takes Swipes At FDIC’s Response To FOIA Request
Following a FOIA request filed by US-based cryptocurrency exchange Coinbase, the FDIC has released a raft of documents. However, Coinbase Chief Legal Officer Paul Grewal disclosed that the documents released by the FDIC contain too little information.
Grewal took to X (formerly Twitter) to criticize the FDIC for dragging its feet to release necessary information. According to the FOIA filing, Coinbase is seeking information into the FDIC’s role in Operation Choke Point 2.0 and the “debanking of crypto companies.”
Grewal notes that the FDIC is withholding information, particularly regarding its conduct of due diligence to ensure that Operation Chokepoint 2.0 documents remain preserved. Coinbase has filed a similar
The executive disclosed that the latest batch of documents contained several redactions that revealed “much too little, much too late.”
“They removed a few redactions, produced a few more documents, and promised another “renewed search” for other documents,” said Grewal.
The US SEC Has To File Its Own Response To FOIA Requests
Coinbase has extended its crusade against regulators by filing a FOIA request against the SEC. According to the filing, Coinbase is seeking clarification over the cost of the SEC’s enforcement actions against cryptocurrency companies.
“The previous SEC spent four years attacking a lawful industry, and American taxpayers were left holding the bill,” read a statement. “How much did you end up paying? We intend to find out.”
Pundits say the SEC’s enforcement actions against heavy hitters in the industry could cost millions of dollars. Furthermore, a reliance on third-party contractors by the SEC in the cases are expected to drive up the bill.
Coinbase’s request comes on the heels of high-profile case dismissals against cryptocurrency service providers. The SEC’s dismissal of Kraken’s case and the lawsuit against Coinbase are considered a monumental waste of public resources by the securities watchdog.
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