CandleFocus Coinbase Accuses FDIC of Withholding Key Documents on Crypto Oversight
2025-01-18
Author: Content Editor
Coinbase has accused the Federal Deposit Insurance Corporation (FDIC) of withholding crucial documents related to its Freedom of Information Act (FOIA) requests regarding the regulator's targeting of cryptocurrency firms. The crypto exchange claims that the FDIC is not complying with a court ruling that requires disclosure. Coinbase's Chief Legal Officer, Paul Grewal, criticized the FDIC for limiting its document search, suggesting that more letters advising banks to halt crypto operations may exist. Grewal also raised whistleblower allegations of misconduct within the agency. Senator Cynthia Lummis has joined the criticism, accusing the FDIC of attempting to conceal efforts to target crypto firms through regulatory pressure. In response, Coinbase plans to expand its FOIA complaints to address alleged FDIC violations.
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