COIN - Coinbase Sues SEC And FDIC Over Alleged Attempts To Stifle Crypto Industry | Benzinga
Crypto exchange Coinbase (NASDAQ:COIN) has filed lawsuits against the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) for failing to comply with Freedom of Information Act (FOIA) requests.
What Happened: The company is seeking a court order to compel these agencies to fulfill the information requests.
In the lawsuits filed in the U.S. District Court for the District of Columbia on Thursday, Coinbase accuses the federal financial regulators of attempting to hinder the crypto industry's access to the banking sector.
“For nearly two years, a wide array of federal financial regulators — including the Securities and Exchange Commission, the FDIC, and the Federal Reserve Board — have used every regulatory tool at their disposal to try to cripple the digital-asset industry,” the complaint against the FDIC states.
“This FOIA lawsuit seeks to bring to light the FDIC's role in that unlawful scheme.”
The FOIA requests, managed by consultant firm History Associates Inc., sought information from the SEC regarding the agency's perspective on Ethereum (CRYPTO: ETH), specifically its transition to a proof-of-stake consensus mechanism.
These requests were denied, ...