Coinbase, a prominent crypto exchange, has recently filed a couple of lawsuits against the regulatory agencies. As per the reports, the platform has sued the FDIC and the SEC based on FOIA requests, claiming that the federal regulatory authorities are attempting to remove crypto. It asserted that the Federal Deposit Insurance Corporation and Securities and Exchange Commission are neglecting Freedom of Information Act requests.

Coinbase Sues FDIC and SEC for Casting off FOIA Requests

As a result of this non-compliance with the law, the crypto exchange has requested the court. The platform intends the court to make agencies abide by the law. The crypto exchange submitted the lawsuits in the US District Court for the District of Columbia. In its filings, Coinbase accused federal financial regulatory organizations of attempting to eliminate the crypto sector from the banking realm.

The crypto exchange had made FOIA requests in line with the Freedom of Information Act. It permits the common masses to ask federal agencies regarding their records. One complaint criticized a broad range of federal regulators such as the FDIC, the Federal Reserve Board, and the SEC. It claimed that these agencies have utilized regulatory instruments to damage the digital asset market.

The Lawsuits Claim the Regulators Have Been Attempting to Damage the Crypto Sector

It added that the FOIA lawsuit pursues highlighting the role of the FDIC in that illegal scheme. The FOIA requests reaching the SEC demanded information regarding the views of the agency concerning Ether. Consensys, a blockchain software platform, has already done this in its lawsuit emerging just a month back against the SEC. It stated that Gurbir Grewal (the Director of the Division of Enforcement at the SEC) had formerly responded to this.

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He reportedly approved the inquiry into “Ethereum 2.0” back in March last year. This development focused on the investigation of the entities and individuals selling and purchasing Ether. Nonetheless, the platform later disclosed that the SEC closed that investigation. The crypto exchange reportedly acquired History Associates Inc. (a consultant entity) for the FOIA requests.

History Associates particularly demanded its access to the entire records and copies regarding Ethereum’s transformation to a PoS consensus. However, the regulator reportedly denied the respective request. This resulted in the latest lawsuits