Coinbase Sues SEC and FDIC Over Unanswered Information Requests, Alleges Crypto Industry Exclusion
Summary:
Coinbase has filed legal complaints against the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC), accusing these entities of failing to respond to Freedom of Information Act (FOIA) requests related to Ethereum. The accusations suggest an alleged attempt by these federal agencies to exclude the crypto industry from the banking sector. Further details will be reported as the story develops.
On June 27, Coinbase lodged legal complaints against the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) with the claim that these bodies failed to meet their obligations under the Freedom of Information Act (FOIA). As per an account from FoxBusiness, these suits assert that both the SEC and FDIC neglected to respond to FOIA applications registered in the U.S. District Court for the District of Columbia. The assertions within these suits allege that these federal entities are intentionally attempting to isolate the cryptocurrency industry from the broader banking sector.
The FOIA applications that were directed at the SEC were seeking clarification regarding the agency's stance on Ethereum, particularly its transition to a proof-of-stake (PoS) consensus mechanism. Coinbase, via its consultant firm History Associates Inc., requested access to documentations related to Ethereum 2.0, and previous investigations concerning Zachary Coburn and Enigma MPC.
As this narrative continues to unfold, any new pertinent information will be integrated into this report.
Published At
6/27/2024 3:23:52 PM
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