CoinbasehasfiledtwoFreedomofInformationAct(FOIA)requestsagainstU.S.regulators,seekingtransparencyabouttheongoingcryptocurrencycrackdown,particularlyamongAmericanbanks.PaulGrewal,Coinbase’schieflegalofficer,revealedthefilings,whichdemanddetailsfromagenciesliketheFederalDepositInsuranceCorporation(FDIC).
CoinbaseisseekingclarityonFDICcryptodepositlimitsandpastFOIAresponses
Accordingtoreports,theFDIChasinstructedbankstolimitdepositsfromcryptocompaniesto15%oftheirtotaldeposits.Coinbaseclaimsthatthisrulewasadoptedwithoutpublicinvolvement,whichistypicallyrequiredbyUSlaw.InanXpost,Grewalstated:
WefiledtwonewsetsofFOIArequestsaspartofourongoingefforttoobtainclarityonhowregulatoryagenciesaretreatingdigitalassets.
~PaulGrewal
OneFOIArequestisfocusedonuncoveringdocumentsrelatedtodepositcapsimposedbytheFDICandotherregulators.Thesecondseeksinformationonhowregulatorshavehandledpreviouscrypto-relatedFOIArequests.
GrewalalsomentionedthattheserequestsareseparatefromearlierFOIAfilingsthatarenowpartoffederallawsuits.CoinbasehaspreviouslytakenlegalactionagainsttheU.S.SecuritiesandExchangeCommission(SEC)andtheFDICforfailingtocomplywithsimilarinformationrequests.
In2023,CoinbasesoughtdocumentsfromtheSECregardingitsclassificationofEther(ETH)butfacedchargesfromtheagencyoveritsETHstakingservice.
Coinbaseisadvocatingforcrypto-friendlypoliciesintheupcomingelection
CoinbasehasalsoaskedtheFDICforinformationabout“pauseletters”allegedlysenttobankstoslowdowntheexpansionofcrypto-relatedactivities.GrewalclarifiedthatthesefreshrequestsaredistinctfromFOIAfilesfiledmorethanayearago,whicharecurrentlythesubjectoffederalproceedings.
Aspartofitsadvocacyforclearercryptoregulation,Coinbaselaunchedthe“StandwithCrypto”initiative,whichincludesapoliticalactioncommittee(PAC)supportingpro-cryptocandidates.
TheNovemberU.S.presidentialelectionwillseeaface-offbetweenRepublicannomineeDonaldTrump,whoaimstomaketheU.S.the“cryptocapitaloftheworld,”andDemocratKamalaHarris,whosestanceoncryptoismorefavorablethanthatofcurrentPresidentJoeBidenbutlesspro-industrythanTrump’s.
SeveralcryptoenthusiastsviewtheNovemberelectionasawatershedmomentfortheindustry,andthey’returningupwiththeirwallets.AccordingtoaPublicCitizenanalysis,cryptocurrencycompanieshavecontributednearlyhalfofallcorporatedonationsthiscycle.
cryptopolitan.com