#FDIC Conceals Cryptocurrency Letter#
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 stated in its January 17 status report that the agency had complied with FOIA requirements, submitted all relevant documents, and conducted the necessary searches for correspondence shared with the Office of Inspector General between March 2022 and May 2023. However, in a January 17 filing to a federal court in Washington, D.C., History Associates alleged that the FDIC "may have omitted other cease and desist letters" and planned to file new allegations in its lawsuit. Public whistleblowers claim that the FDIC has been "systematically stonewalling FOIA requests," leading to the non-disclosure of at least 150 related documents. Coinbase Chief Legal Officer Paul Grewal accused the FDIC of playing "word games" after the agency stated it had only searched for cease and desist letters within a specific time frame.
Ace Hot Topic Analysis
Analysis
The Federal Deposit Insurance Corporation (FDIC) is accused of omitting multiple cryptocurrency-related "cease and desist" letters sent to banks in a Freedom of Information Act (FOIA) lawsuit supported by Coinbase. 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 specific timeframe. In a report filed with the US District Court for the District of Columbia on January 17, History Associates noted that the FDIC "may have omitted other cease and desist letters" and plans to raise new allegations in its lawsuit. Public complaints allege that the FDIC "systematically obstructed FOIA requests," leading to the non-disclosure of at least 150 relevant documents. The FDIC in its January 17 status report stated that the company had complied with FOIA requirements, produced all relevant documents, and conducted the necessary search for letters shared with the Office of Inspector General from March 2022 to May 2023. The incident has raised questions about the FDIC's transparency and integrity in cryptocurrency regulation, highlighting potential challenges regulators face when handling FOIA requests related to cryptocurrency.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
The FDIC omitted hold letters related to cryptocurrencies in its FOIA lawsuit against Coinbase.
The FDIC may be systematically obstructing FOIA requests, resulting in the failure to turn over at least 150 related documents.
The FDIC claims to have complied with FOIA requirements, submitted all relevant documents, and searched for letters within a specific timeframe.
Coinbase accuses the FDIC of playing 'word games' in an attempt to obscure its stance on cryptocurrencies.