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Coinbase Escalate Efforts For FDIC Crypto Guidance Records In FOIA Lawsuit

Crypto exchange Coinbase has filed an anticipated cross motion in its case against the FDIC insisting on the right to seek “pause letters.”
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Coinbase Escalate Efforts For FDIC Crypto Guidance Records In FOIA Lawsuit

Highlights

  • Coinbase has filed an anticipated cross-motion in its case with the FDIC.
  • The company highlighted reasons for the FDIC’s wrong approach.
  • Crypto users look to remove roadblocks for pro-industry regulations.

Coinbase filed a notice of anticipated cross-motion in its cases against the Federal Deposit Insurance Corporation (FDIC). Both parties agree that summary judgment is the appropriate course in terms of Freedom of Information Act (FOIA) actions. Digital asset enthusiasts look to clear up roadblocks to pro-industry regulations. 

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Coinbase Files Anticipated Motion 

The case between History Associates and the FDIC has seen another development with the plaintiff stressing its case. In a new filing, the plaintiff highlighted reasons why the FDIC did not comply with the law. Coinbase filed an action against the FDIC requesting letters under the FOIA Act. However, the Corporation denies Coinbase attempts citing exemption under the act. 

In 2023, the FDIC sent letters to several financial institutions to pause crypto activities which limited the sector’s growth. Coinbase retained the services of History Associates seeing the pause letters which have been denied by the FDIC. According to the filing, the plaintiffs submitted an anticipated motion based on the nature of the case. 

FOIA cases typically and appropriately are decided on motions for summary judgment.” Media Research Ctr. v. U.S. Dep’t of Justice, 818 F. Supp. 2d 131, 136 (D.D.C. 2011). The court deciding such a motion “conducts a de novo review of the record” and “must analyze all underlying facts and inferences in the light most favorable to the FOIA requester.”

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Exchange Opposes FDIC Stance 

Coinbase Chief Legal Officer Paul Grewal wrote on X (formerly Twitter) that the public is entitled to all letters sent to financial institutions related to the pause on crypto activities. The exchange argued that the only exception cited by the FDIC does not apply in the present case adding that the body sent the letters not to regulate but to cripple the market. 

Furthermore, even if parts of the letters can be exempted, the FDIC cannot withhold all parts in their entirety pointing to its responsibility to produce “reasonably segregable”, non-exempt portions of the letters. In another development, Paul Grewal slammed the SEC over its warning against FTX paying creditors stablecoins. 

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David Pokima

David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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