Regulation
Coinbase sues SEC and FDIC for clarification on cryptocurrency regulation
Key takeaways
- Coinbase is suing the SEC and FDIC for access to cryptocurrency regulation documents.
- The lawsuits are part of Coinbase’s efforts to challenge what it sees as unfair regulatory practices.
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Coinbase has filed a lawsuit against the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) because reported by FOX Business. The U.S. crypto exchange is demanding access to documents detailing regulators’ stance on cryptocurrency regulation.
The lawsuits, filed in a Washington, D.C. district court, seek to uncover what Coinbase describes as a coordinated effort by financial authorities to block crypto companies from the U.S. banking system.
“For years, financial regulators – including the SEC, FDIC and Federal Reserve – have used every tool at their disposal to try to cripple the digital asset industry,” a Coinbase spokesperson told FOX Business.
Company’s legal action targets SEC and FDIC’s refusal to provide information requested under the Freedom of Information Act, including details on SEC investigations and “pause letters” FDIC sent to banks requesting the suspension of all crypto activity.
Additionally, Coinbase’s lawsuits accuse the SEC and FDIC of using similar grounds to deny Coinbase information it seeks, such as whether agency officials are using coordinated pressure tactics to “smother” the $2 trillion digital asset industry from the lifeblood of the federal banking system, the report said.
The legal challenge is part of Coinbase’s broader fight to clarify the application of securities laws to digital assets, amid ongoing litigation in New York where the SEC accuses Coinbase of offering unregistered securities .
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