📣 Coinbase Files Lawsuits Against SEC and FDIC
posted 27 Jun 2024
Coinbase, a cryptocurrency exchange, has initiated legal proceedings against the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) over alleged violations of the Freedom of Information Act (FOIA).
The exchange is pushing for greater transparency and has asked the SEC to release documents concerning closed investigations, including one about the classification of ETH as a security. However, the SEC refused these requests, as noted by Coinbase's Chief Legal Officer Paul Grewal in a post on X.
Grewal argued that financial regulators have employed various tactics to undermine the digital asset industry. He asserts that the FDIC has pressured financial institutions to cut off access to banking services for the crypto sector.
This is no way to regulate. And this is no way to operate a transparent government. Today we demand better from our financial regulators. We appreciate the Court’s attention to these important issues and look forward to sharing updates in the future,Grewal wrote on X.
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