JUST IN: Coinbase Takes Legal Action Against SEC and FDIC

Coinbase has launched lawsuits against the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC), demanding transparency over alleged discriminatory practices towards the crypto industry. The exchange argues that these regulators have unfairly targeted the sector, using bureaucratic delays to suppress crypto’s integration with traditional banking services. The lawsuits, aimed to compel compliance with Freedom of Information Act requests, highlight the regulators’ refusal to disclose information regarding crypto operations and previous investigations.

The SEC has been particularly reticent, denying Coinbase access to documents related to Ethereum and other crypto entities, which could clarify the regulatory stance on digital assets. Coinbase asserts this obfuscation is part of a broader attempt to stifle the industry under outdated securities laws, dubbing the SEC’s actions as “regulation by enforcement.”

Coinbase’s legal battle underscores a growing industry pushback against what they perceive as overreach by financial regulators. By challenging the FDIC’s opaque “pause letters” and the SEC’s secretive practices, Coinbase is advocating for clearer, fairer rules that could foster rather than hinder the evolution of digital finance.

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