Coinbase has escalated its push for regulatory clarity in the digital asset space by filing multiple Freedom of Information Act (FOIA) requests with the Federal Deposit Insurance Commission (FDIC).
According to the court documents, the cryptocurrency exchange sought documents detailing any restrictions the FDIC has imposed on U.S. depository institutions’ holdings of digital assets. The exchange also requested information about the FDIC’s handling of FOIA requests since 2022, possibly aiming to uncover trends in how the agency has processed cryptocurrency-related inquiries.
Paul Grewal, Coinbase’s chief legal officer, shared the company’s latest legal move on social media, reaffirming its commitment to push for regulatory accountability. “So long as the government will not relent, neither will Coinbase,” Grewal stated, indicating the company’s resolve to keep challenging U.S. agencies.
This latest legal push is part of Coinbase’s ongoing battle for clearer cryptocurrency regulations in the U.S. The exchange has previously filed lawsuits against both the Securities and Exchange Commission (SEC) and the FDIC, accusing the agencies of not complying with prior FOIA requests. It claimed that the SEC, in particular, refused to release requested information, citing concerns about potential interference with law enforcement activities.
The exchange has also filed a separate case in the federal appeals court in Philadelphia, demanding more specific rules for digital assets. The series of lawsuits underscores the industry’s long-standing struggle to obtain consistent and transparent guidelines from U.S. regulatory bodies.
Meanwhile, in the midst of the ongoing regulatory battles, Coinbase has introduced a new product, “Coinbase Wrapped Bitcoin” (cbBTC), an ERC-20 token fully backed by Bitcoin at a 1:1 ratio. The exchange claims that cbBTC is designed to enhance Bitcoin’s utility within the DeFi ecosystem, allowing users to leverage their Bitcoin holdings in DeFi applications while maintaining the security and value of the underlying asset.
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