Coinbase’slongstandingcampaigntoforcetheU.S.governmenttoclarifyhowitapproachescryptoratcheteduponMonday,withtheAmericancryptoexchangefilingmultiplelegalrequestsforinternaldocumentsattheFederalDepositInsuranceCommission(FDIC).
Thefirstrequestpertainstodocumentsdetailinganycaporlimitontheamountofdigitalassetsallowedtobeheld,whichtheFDIChasallegedlyimposedonAmericandepositoryinstitutions.ItwassubmittedviatheFreedomofInformationAct(FOIA),whichrequiresU.S.executiveagenciesliketheFDICtodiscloseinternalinformationifrequestedbythepublic.
Coinbase’ssecondrequesttotheFDICaskedforinformationregardingthetypesofFOIArequestssubmittedtothebankregulatorsincethebeginningof2022.Presumably,thisistoattempttoholdtheFDICtoaccountiftheagencyhasrejectednumerouscrypto-relatedinformationrequests.RecipientsofFOIArequestscanlegallydenythemforselectreasonsincludingthesensitivenatureofagivensubject,orinthenameofrespectingpersonalprivacy.
PaulGrewal,Coinbase’schieflegalofficer,announcedtherequestsonMonday,framingthemasthelatestmoveinthecompany’songoingbattletounmasktheU.S.government’slargelyundisclosedcryptopolicies.
“WefiledtwonewsetsofFOIArequestsinourcontinuedefforttogetanysortofclarityonhowregulatoryagenciesareapproachingdigitalassets,”GrewalpostedtoTwitter(akaX).“Inshort,solongasthegovernmentwillnotrelent,neitherwillCoinbase.”
Thefirstisfordocumentsaboutadigitalassetdepositcap@FDICgovandotherbankingregulatorshaveapparentlybeenimposingonfinancialinstitutions.ThesecondisforlogsthatshowhowtheseagenciesarehandlingotherFOIArequests.EachisseparatefromourFOIAfilings…
—paulgrewal.eth(@iampaulgrewal)October21,2024
Lastweek,CoinbasefiledamotioninaWashington,D.C.federalcourtaccusingtheU.S.SecuritiesandExchangeCommission(SEC)ofimproperlywithholdingcrypto-relateddocumentsrequestedviaFOIA.Onmultipleoccasions,theSEChasdeniedFOIArequestsfiledbyCoinbase,claimingthatrevelationofthedocumentsinquestionwouldinterferewiththeagency’slawenforcementactivities.
Meanwhile,America’stopcryptoexchangeiscurrentlyengagedinaproactivelawsuitagainsttheSECoverthelatter’scontinuedrefusaltoissuecrypto-specificrulemaking.Coinbaseisattemptingtoforcetheagency,viacourtorder,toclarifyitsapproachtodigitalassets.ThecaseiscurrentlybeforeafederalappealscourtinPhiladelphia.
CryptoleadersincludingCustodiaBankCEOCaitlinLongcelebratedtheannouncementofnewcrypto-relatedFOIArequests,tyingthemtowhatmanyintheindustryconsidertobetheintentionallyopaquedigitalassetspoliciesofthecurrentWhiteHouse,asexemplifiedbythecrypto-skepticpositionsofPresidentJoeBidenandhiscloseallyintheSenate,ElizabethWarren(D-MA).
“ThelawlessnessofBiden/Warren’sfederalbankingagenciestowardtheU.S.banksthatservedlaw-abidingcryptocompanieswillcontinuetobeexposed,”LongpostedtoTwitteronMonday.“Justiceforthisiscomingfolks.”
EditedbyAndrewHayward
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