Regulation
Coinbase sues SEC and FDIC for regulatory clarity on cryptocurrencies
Key points
- Coinbase is suing the SEC and FDIC for access to cryptocurrency regulatory documents.
- The lawsuits are part of Coinbase’s effort 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), as reported by FOX Business. The U.S. cryptocurrency exchange requests access to documents detailing regulators’ stance on cryptocurrency regulation.
The lawsuits, filed in a U.S. District Court in Washington, D.C., seek to uncover what Coinbase describes as a coordinated effort by financial authorities to block cryptocurrency companies from the U.S. banking system.
“For years, financial regulators — including the SEC, FDIC, and the Federal Reserve Board — have used every tool at their disposal to try to cripple the digital asset industry,” a Coinbase spokesperson told FOX Business.
The company’s legal move targets the SEC and FDIC’s refusal to provide information requested under the Freedom of Information Act, including details about the SEC’s investigation and the FDIC’s “pause letters” sent to banks asking them to halt all activity cryptographic.
Additionally, Coinbase’s lawsuits accuse the SEC and FDIC of using similar reasons to deny Coinbase the information it is seeking, such as whether agency heads are using coordinated pressure tactics to “stifle” the digital asset industry from $2 trillion from the lifeblood of Coinbase. the federal banking system, according to the report.
This legal challenge is part of Coinbase’s larger fight to gain clarity on the application of securities laws to digital assets, amid ongoing litigation in New York, in which the SEC accuses Coinbase of offering unregistered securities.
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