Coinbase, a popular cryptocurrency exchange, has taken legal action against the United States Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC). The lawsuits were filed on June 27 and claim that both agencies failed to comply with Coinbase’s Freedom of Information Act (FOIA) requests. These requests were submitted to the U.S. District Court for the District of Columbia.
Coinbase’s legal complaints accuse the SEC and FDIC of trying to exclude the crypto industry from the banking sector. The company believes that the regulatory actions against the industry are part of a larger effort to undermine it. In its lawsuits, Coinbase describes these actions as a “coordinated attempt to cut off digital-asset firms from essential banking services.”
The FOIA requests made by Coinbase specifically sought information from the SEC about its views on Ethereum, particularly its transition to a proof-of-stake (PoS) consensus mechanism. Coinbase also requested records related to Ethereum 2.0 and previous investigations involving individuals like Zachary Coburn and Enigma MPC.
Coinbase’s legal battles with U.S. regulators are ongoing, and the company argues that there needs to be clearer guidelines on how digital assets should be regulated in the United States. These lawsuits are just the latest development in Coinbase’s conflict with regulators.
In other news, El Salvador’s national Bitcoin chief has been promoting the benefits of Bitcoin in Argentina.