Coinbase has filed a lawsuit against the SEC and FDIC for ignoring requests under the Freedom of Information Act (FOIA). This legal action, announced by Chief Legal Officer Paul Grewal, targets the agencies’ lack of transparency and inconsistent regulations in the crypto market.
The lawsuit highlights the SEC’s failure to provide clear guidelines despite its claimed authority and accuses the FDIC of pressuring banks to cut ties with the crypto sector. Coinbase’s FOIA requests sought information on the “Ethereum 2.0” investigation and closed cases involving Enigma MPC and Ether Delta. However, both agencies refused to disclose the requested documents.
Grewal argues that this opacity hinders crypto market development. Previously, Coinbase had petitioned the SEC for rulemaking and sought judicial intervention, but with no success. This lawsuit underscores the urgent need for transparent and consistent regulation in the evolving cryptocurrency industry.
The outcome could significantly impact digital asset regulation and the relationship between crypto businesses and financial regulators.
