#FDIC accused of hiding cryptocurrency letters#
Hot Topic Overview
Overview
The Federal Deposit Insurance Corporation (FDIC) has been accused of omitting multiple cryptocurrency-related “cease and desist letters” sent to banks in a Freedom of Information Act (FOIA) lawsuit supported by Coinbase. The FDIC reportedly claimed in its January 17th status report that it had complied with FOIA requirements, submitted all relevant documents, and conducted necessary searches of correspondence shared with the Office of Inspector General between March 2022 and May 2023. However, History Associates pointed out in a report submitted to the U.S. District Court for the District of Columbia on January 17th that the FDIC “may have omitted other cease and desist letters” and planned to introduce new allegations in its suit. Public reports claim the FDIC has “systematically thwarted FOIA requests,” resulting in the failure to turn over at least 150 relevant documents. Coinbase Chief Legal Officer Paul Grewal accused the FDIC of playing “word games” after the agency said it only searched for cease and desist letters within a particular timeframe.
Ace Hot Topic Analysis
Analysis
The Federal Deposit Insurance Corporation (FDIC) has been accused of omitting multiple cryptocurrency-related "cease and desist" letters sent to banks in a Freedom of Information Act (FOIA) lawsuit backed by Coinbase. According to a report filed on January 17 by History Associates in federal court in Washington, D.C., the FDIC "may have omitted other cease and desist letters" and plans to file new allegations in its lawsuit. Public complaints allege that the FDIC has "systematically thwarted FOIA requests," leading to the non-disclosure of at least 150 relevant documents. The FDIC, in its January 17 status report, stated that it has complied with FOIA requirements, submitted all relevant documents, and conducted the necessary search for correspondence shared with the Office of the Inspector General between March 2022 and May 2023. Coinbase Chief Legal Officer Paul Grewal accused the FDIC of playing "word games," after the agency stated that it only searched for cease and desist letters within a specific timeframe. These allegations have sparked concerns over the FDIC's transparency in cryptocurrency regulation and could exacerbate the legal dispute between Coinbase and the FDIC.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
FDIC was accused in a Freedom of Information Act lawsuit supported by Coinbase of omitting 'cease and desist' letters related to cryptocurrency.
The FDIC may have omitted other cease and desist letters and may have engaged in systemic obstruction of FOIA requests.
The FDIC claims it has complied with FOIA requirements and submitted all relevant documents.
Coinbase accuses the FDIC of playing 'word games' and questions the completeness of its search scope.