#Coinbase v. FDIC#
Hot Topic Overview
Overview
In the case of Coinbase v. FDIC, the FDIC is accused of omitting multiple cryptocurrency-related "cease and desist letters" sent to banks in a FOIA lawsuit supported by Coinbase. Coinbase Chief Legal Officer Paul Grewal has accused the FDIC of playing "word games," after the agency said it only searched for cease and desist letters within a specific time period. A report submitted to the U.S. District Court for the District of Columbia by History Associates states that the FDIC "may have missed other cease and desist letters" and plans to raise new allegations in its lawsuit. There have been public reports accusing the FDIC of "systematically thwarting FOIA requests," resulting in the non-disclosure of at least 150 related documents. The FDIC claims it has complied with FOIA requirements, submitted all relevant documents, and conducted a necessary search for letters shared with the Office of the Inspector General between March 2022 and May 2023.
Ace Hot Topic Analysis
Analysis
There have been new developments in the lawsuit against the Federal Deposit Insurance Corporation (FDIC) by Coinbase. Coinbase Chief Legal Officer Paul Grewal accused the FDIC of playing "word games" in a Freedom of Information Act (FOIA) lawsuit because the FDIC claimed it only searched for cease-and-desist letters within a specific time period. Meanwhile, History Associates alleges that the FDIC has omitted more cryptocurrency-related "cease-and-desist letters" sent to banks in the lawsuit and plans to file new charges. Public complaints allege that the FDIC has been "systematically hindering FOIA requests," resulting in the non-disclosure of at least 150 relevant documents. The FDIC, however, argues that it has complied with FOIA requirements and has submitted all relevant documents. The lawsuit is ongoing and is expected to have a significant impact on the relationship between the cryptocurrency industry and regulators.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
FDIC omitted more cryptocurrency-related 'cease and desist' letters in a Freedom of Information Act lawsuit supported by Coinbase.
The FDIC may be systematically obstructing FOIA requests, resulting in the non-disclosure of at least 150 relevant documents.
The FDIC maintains that it has complied with FOIA requirements, submitted all relevant documents, and conducted the necessary searches for correspondence shared with its Office of Inspector General between March 2022 and May 2023.
Coinbase accuses the FDIC of playing 'word games' because the FDIC only searched for cease and desist letters during a specific time period.