foia

ChainCatcher news, according to Crypto in America, the U.S. cryptocurrency exchange Coinbase is still pursuing a Freedom of Information Act (FOIA) lawsuit against the Federal Deposit Insurance Corporation (FDIC), despite the regulator's recent shift towards a more lenient stance on cryptocurrency.

ChainCatcher news, Coinbase Chief Legal Officer Paul Grewal announced that after Coinbase filed a FOIA request, a judge has ordered the Federal Deposit Insurance Corporation to release the Operation Chokepoint 2.0 suspension letter.Grewal decided to reveal how Coinbase's FOIA request demonstrates multiple instances of the FDIC instructing banks to cease cryptocurrency-related services. This legal push is part of Coinbase's broader efforts to compel regulators to clarify their stance on cryptocurrencies and increase transparency through the submission of FOIA requests and other actions.

ChainCatcher news, Coinbase has submitted two new Freedom of Information Act (FOIA) requests to seek clarity on U.S. cryptocurrency regulation. The new requests are directed at the Federal Deposit Insurance Corporation (FDIC) and were submitted by History Associates Incorporated on behalf of the exchange.Coinbase's Chief Legal Officer Paul Grewal stated that one of the requests aims to clarify the alleged 15% deposit limit imposed on digital asset companies. The request claims that the 15% deposit limit is implemented on banks such as Signature Bank, Customers Bank, Cross River Bank, Western Alliance Bank, and Silvergate Bank.The requested documents include interactions between FDIC board members, staff, deposit institutions, and officials from the Federal Reserve and the Office of the Comptroller of the Currency (OCC) since June 1, 2022.

ChainCatcher news, Coinbase's Chief Legal Officer Paul Grewal stated on social media that the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) have submitted their responses in the Freedom of Information Act (FOIA) lawsuit. Grewal pointed out that the SEC improperly withheld documents from closed investigations, including those related to Ethereum 2.0, while the FDIC withheld a "cease and desist letter" warning banks to stop collaborating with cryptocurrency companies. Notably, both agencies acknowledged that the documents sought by Coinbase do exist but claimed they have the right to withhold them based on government privilege.The SEC further confirmed in its response that its investigation into Ethereum 2.0 has concluded. Grewal anticipates that a summary judgment process will follow (such cases do not involve evidence disclosure), with a final ruling possibly not being made until 2025. This development highlights the ongoing dispute over information transparency between the cryptocurrency industry and regulatory agencies, as well as the legal efforts made by companies like Coinbase to obtain critical regulatory information.