Coinbase filed lawsuits against the United States (U.S.) Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) on June 27.
According to a FoxBusiness report, the lawsuits allege that the SEC and the FDIC failed to comply with Freedom of Information Act (FOIA) requests submitted to the U.S. District Court for the District of Columbia.
Coinbases’ lawsuits accuse the federal agencies of attempting to exclude the crypto industry from the banking sector.
Related: Coinbase opts out of ASI token migration as $7.5B merger proceeds
FOIA requests
The FOIA requests aimed at the SEC sought information on the federal agency’s view on Ethereum, specifically its shift to a proof-of-stake (PoS) consensus mechanism.
Coinbase asked for records related to Ethereum 2.0 and previous investigations involving Zachary Coburn and Enigma MPC through its consultant firm, History Associates Inc.
According to the legal documents, History Associates Inc. stated:
“For nearly two years, a wide array of federal financial regulators—including the Securities and Exchange Commission (“SEC”), the FDIC, and the Federal Reserve Board — have used every regulatory tool at their disposal to try to cripple the digital-asset industry. This FOIA lawsuit seeks to bring to light the FDIC’s role in that unlawful scheme.”
Related: US gov’t sends 3,940 Bitcoin to Coinbase exchange
Coinbase’s allegations
Coinbase’s complaints argue that the regulatory actions against the crypto industry are part of a broader effort to undermine it.
The lawsuits describe the SEC’s and FDIC’s actions as “a coordinated attempt to cut off digital-asset firms from essential banking services.”
According to the legal documents, the SEC’s refusal to release records from concluded investigations is seen by Coinbase as:
"...a deliberate obstruction to understanding the legal framework behind the agency’s enforcement actions.”
Related: Bitcoin price wobbles at $61K as US gov sends 4K BTC to Coinbase
Ongoing regulatory disputes
This latest legal action is part of what History Associates Inc. describes in the legal documents as “Coinbase’s ongoing conflict with U.S. regulators.”
Paul Grewal, the chief legal officer at Coinbase, stated in an X post thread that:
“Financial regulators have used multiple tools at their disposal to try to cripple the digital-asset industry [...] This is no way to regulate. And this is no way to operate a transparent government."
According to the legal documents, History Associate Inc. highlights the “broader debate over how digital assets should be regulated in the U.S.” as Coinbase advocates for clearer guidelines.
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