Coinbase sues SEC and FDIC
Coinbase has taken legal action against the U.S. Securities and Exchange Commission (SEC) and Federal Deposit Insurance Corporation (FDIC). The company claims that these agencies are trying to interfere with the crypto industry. The lawsuits, filed on June 27 in a Washington DC district court, allege that the SEC and FDIC have not responded to Coinbase's Freedom of Information Act (FOIA) requests. Coinbase suspects that the withholding of information indicates a coordinated effort to limit the crypto industry's access to banking services, which poses a significant threat to the industry.
Pressure on crypto companies
According to Coinbase, regulators are pressuring banks to deny accounts and services to crypto firms, reminiscent of "Operation Choke Point," an Obama-era strategy that excluded certain industries from banking services. Coinbase accuses regulators of exceeding their authority and violating transparency laws to conceal their actions against the crypto industry. However, legal experts point out that FOIA lawsuits are difficult to win because there are numerous exemptions to disclosure and it is challenging to prove regulators' malicious intent.
Part of the resistance to regulation
This lawsuit is part of Coinbase's larger resistance to regulatory measures, which are often seen in the crypto community as an attempt to hinder technological progress.
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