Coinbase has sued the SEC and FDIC in a U.S. District of Colombia court for denying Freedom of Information Act (FOIA) requests. Filed through History Associates Inc, the lawsuit accuses the agencies of blocking access to crypto policy clarity and violating FOIA obligations.
Coinbase’s requests aimed to uncover the SEC’s stance on Ethereum and details of cease-and-desist orders to Enigma MPC and Zachary Coburn. After the FDIC directed banks to halt crypto activities, Coinbase sought related correspondence, which was also rejected.
This legal move highlights Coinbase’s ongoing battle against the SEC’s perceived “regulation by enforcement” strategy. Notably, the SEC had previously sued Coinbase for unregistered securities trading. The broader crypto industry views this as a fight for clearer regulatory guidelines.
Coinbase’s actions could set a precedent for greater transparency and regulatory clarity in the crypto sector, potentially influencing future policy-making.
