⚡ Judge Told FDIC to Review Their Redactions of Crypto Letters
posted 13 Dec 2024
A Washington federal judge, Ana Reyes, has instructed the Federal Deposit Insurance Corporation (FDIC) to make more thoughtful redactions of crypto-related documents in the Coinbase Freedom of Information Act (FOIA) case.
Coinbase’s Chief Legal Officer, Paul Grewal, shared the ruling on his X account, which highlights the judge’s concerns about the FDIC's approach to document redactions.
The Court is concerned with what appears to be FDICs lack of good-faith effort in making nuanced redactions. Defendant cannot simply blanket redact everything that is not an article or preposition
Earlier, Coinbase filed several FOIA requests against the FDIC and SEC to gain clarity on crypto regulations. One request sought transparency regarding the FDIC’s role in instructing banks to disengage from crypto services, while another aimed to clarify how the SEC defines securities.
According to the judge’s recent decision, the FDIC must review its documents and provide new redactions to Coinbase by January 3, 2025.
Meanwhile, U.S. crypto companies are hopeful for long-awaited regulatory clarity under Donald Trump’s presidency. Trump, the president-elect, has promised clear guidelines for the industry, and with the change in administration, regulatory positions are expected to be managed by pro-crypto politicians.
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