Coinbase Files Two FOIA Requests Against US Regulators

Coinbase has filed two Freedom of Info Act (FOIA) requests towards U.S. regulators, in search of details about cryptocurrency crackdown involving American banks.
In a tweet from Paul Grewal, the corporate’s chief authorized officer, Conbase is requesting readability on a 15% restrict that the Federal Deposit Insurance coverage Company (FDIC) supposedly placed on banks for deposits from crypto firms
Coinbase says this rule was made with out public enter, which is normally required by U.S. regulation. Grewal defined that they need paperwork about this cover to know the way it impacts the crypto business.
The second FOIA is about getting information on how the FDIC and different regulators have responded to earlier FOIA requests associated to cryptocurrencies.
These requests come after Coinbase filed lawsuits in 2023 towards the FDIC and the U.S. Securities and Trade Fee (SEC) for not complying with earlier FOIA requests.
In 2023, Coinbase requested the SEC to launch paperwork regarding the company’s classification of Ethereum (ETH) and its staking swimming pools, which stays unclear.
The corporate has additionally raised issues about “pause letters” the FDIC allegedly despatched to banks, urging them to decelerate actions associated to crypto.
Grewal famous that these new requests are separate from FOIA filings remodeled a 12 months in the past, which are actually the topic of federal lawsuits.
Furthermore, Coinbase has been getting concerned in politics by supporting pro-crypto regulation via its “Stand with Crypto” marketing campaign and making a political motion committee (PAC) in March 2024.
That is a part of its effort to form the way forward for crypto regulation, particularly with the upcoming U.S. presidential election in November.
In earlier reviews, Donald Trump, the Republican nominee expressed robust help for making the U.S. a frontrunner in crypto, whereas Democratic candidate Kamala Harris has been much less vocal.
Coinbase’s latest FOIA filings present its ongoing push for extra transparency and truthful regulation within the crypto house.
Grewal emphasised that Coinbase is set to get readability, stating, “As long as the federal government is not going to relent, neither will Coinbase.”
Additionally Learn: Crypto Education is key to shaping Future Laws: Coinbase CSO