#Coinbase Accuses FDIC of Playing Word Games#
Hot Topic Overview
Overview
Coinbase has accused the Federal Deposit Insurance Corporation (FDIC) of withholding additional “cease and desist” letters related to cryptocurrency in Coinbase’s ongoing Freedom of Information Act (FOIA) lawsuit. The FDIC has argued that it has complied with FOIA requirements by submitting all relevant documents and conducting a necessary search of letters shared with its Office of Inspector General between March 2022 and May 2023. However, Coinbase Chief Legal Officer Paul Grewal has accused the FDIC of playing “word games,” as the agency has only searched for cease-and-desist letters within that particular timeframe. Coinbase currently plans to raise new allegations in its lawsuit, accusing the FDIC of “systematically thwarting FOIA requests,” leading to the failure to turn over at least 150 relevant documents.
Ace Hot Topic Analysis
Analysis
Coinbase has accused the Federal Deposit Insurance Corporation (FDIC) of playing "word games" in its Coinbase-supported Freedom of Information Act (FOIA) lawsuit, after the FDIC claimed it only searched for cease-and-desist letters in a specific time frame. According to a report by History Associates, the FDIC may have missed other cease-and-desist letters and plans to raise new allegations in its lawsuit. Public whistleblowers have alleged that the FDIC has been "systematically obstructing FOIA requests," leading to at least 150 related documents not being turned over. The FDIC, in its January 17 status report, claimed that it has complied with FOIA requests, submitting all relevant documents, and conducted the necessary search for letters shared with its Office of Inspector General between March 2022 and May 2023. Coinbase Chief Legal Officer Paul Grewal accused the FDIC of having holes in its search process and believes the FDIC should provide more cease-and-desist letters related to cryptocurrencies. This incident raises questions about the FDIC's transparency and fairness in handling information related to cryptocurrencies.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
FDIC omitted more cryptocurrency-related 'cease and desist letters' in FOIA lawsuit against Coinbase.
FDIC may have omitted other cease and desist letters and plans to bring new allegations in its lawsuit.
FDIC 'systematically thwarted FOIA requests,' leading to the non-disclosure of at least 150 related documents.
The FDIC said in its Jan. 17 status report that it has complied with FOIA requirements and submitted all relevant documents and conducted the necessary searches of letters shared with the Office of Inspector General between March 2022 and May 2023.