#Coinbase Says FDIC Missed the Mark#
Hot Topic Overview
Overview
Coinbase is suing the Federal Deposit Insurance Corporation (FDIC), alleging it withheld more "cease and desist" letters related to cryptocurrencies in a FOIA lawsuit supported by Coinbase. The FDIC claims it has complied with FOIA requirements and submitted all relevant documents, but Coinbase believes the FDIC only searched letters within a specific time frame and may have missed other cease and desist letters. History Associates, in a report filed with a federal court in Washington D.C., points out that the FDIC may have missed other cease and desist letters and plans to raise new allegations in its lawsuit. Public complaints allege that the FDIC is "systematically thwarting FOIA requests," leading to the non-disclosure of at least 150 relevant documents. Coinbase Chief Legal Officer Paul Grewal accuses the FDIC of playing "word games" and demands the FDIC to submit all relevant documents.
Ace Hot Topic Analysis
Analysis
Coinbase alleges that the U.S. Federal Deposit Insurance Corporation (FDIC) omitted multiple cryptocurrency-related "cease and desist letters" sent to banks in Coinbase's Freedom of Information Act (FOIA) lawsuit. The FDIC maintains that it has complied with FOIA requirements, submitting all relevant documents and conducting a necessary search of correspondence shared with the Office of Inspector General from March 2022 to May 2023. However, Coinbase Chief Legal Officer Paul Grewal accuses the FDIC of playing "word games" as the FDIC only searched for cease and desist letters within that specific timeframe. History Associates, in a report filed with the U.S. District Court for the District of Columbia on January 17, states that the FDIC "may have omitted other cease and desist letters" and plans to file new allegations in its lawsuit. Public whistleblowers have alleged that the FDIC "systematically obstructed FOIA requests," resulting in at least 150 relevant documents not being turned over. The lawsuit is currently ongoing, and the final outcome will have significant implications for the cryptocurrency industry and the regulatory strength of the FDIC.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
FDIC omitted more cryptocurrency-related 'cease and desist' letters in a FOIA lawsuit supported by Coinbase.
The FDIC may be systematically obstructing FOIA requests, leading to the non-disclosure of at least 150 relevant documents.
The FDIC claims to have complied with FOIA requirements, submitted all relevant documents, and conducted a necessary search of letters shared with the Office of Inspector General between March 2022 and May 2023.
Coinbase accused the FDIC of playing 'word games' after the agency said it only searched for cease and desist letters within a specific time period.