#Coinbase Accuses FDIC of Withholding Information#
Hot Topic Overview
Overview
Coinbase has accused the Federal Deposit Insurance Corporation (FDIC) of withholding information in a Freedom of Information Act (FOIA) lawsuit supported by Coinbase, claiming that the FDIC omitted multiple cryptocurrency-related "cease and desist" letters sent to banks. The FDIC claims it has complied with FOIA requirements, submitting all relevant documents and conducting a necessary search for letters shared with the Office of Inspector General between March 2022 and May 2023. However, Coinbase Chief Legal Officer Paul Grewal accused the FDIC of playing "word games" and suggested that other cease and desist letters may have been omitted. The incident has raised public concerns about the FDIC's systematic obstruction of FOIA requests, resulting in the non-disclosure of at least 150 related documents.
Ace Hot Topic Analysis
Analysis
Coinbase has accused the U.S. Federal Deposit Insurance Corporation (FDIC) of withholding information in a Freedom of Information Act (FOIA) lawsuit supported by Coinbase, alleging that the FDIC omitted searches for "cease and desist letters" related to cryptocurrency. Coinbase Chief Legal Officer Paul Grewal accused the FDIC of playing "word games" as the agency claimed it only searched for letters within a specific time frame. History Associates, in a report submitted to the U.S. District Court for the District of Columbia, noted that the FDIC may have overlooked other cease and desist letters and plans to raise new allegations in its lawsuit. Public complaints alleged that the FDIC "systematically obstructs FOIA requests," leading to at least 150 related documents not being turned over. In its status report, the FDIC stated that it has complied with FOIA requirements, provided all relevant documents, and conducted the necessary searches for letters shared with the Office of the Inspector General between March 2022 and May 2023. Currently, Coinbase maintains that the FDIC is withholding information and is demanding the agency to provide more relevant documents.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
The FDIC omitted more cryptocurrency-related "cease and desist letters" in a FOIA lawsuit supported by Coinbase.
The FDIC may have systematically obstructed FOIA requests, resulting in at least 150 related documents not being released.
The FDIC claims to have complied with FOIA requirements, submitted all relevant documents, and conducted necessary searches for letters shared with its Office of Inspector General between March 2022 and May 2023.
Coinbase accuses the FDIC of playing "word games" after the agency stated it only searched for cease and desist letters within a specific time period.