Coinbase Is Suing the SEC and FDIC Over Public Records

Publicly traded crypto exchange Coinbase, in connection with History Associates Incorporated, has filed two civil lawsuits against the Securities and Exchange Commission and Federal Deposit Insurance Corporation for their failure to comply with FOIA requests. From a report: The Freedom of Information Act, or FOIA, grants the full or partial disclosure of previously unreleased information that's controlled by the U.S. government. Generally speaking, agencies have 20 days to respond -- not necessarily satisfy -- these requests. And even when government agencies do furnish documents, they can redact anything that falls under certain exemptions: Information related to national security, internal personnel, trade secrets, law enforcement, or financial institution records. Late last year, Coinbase hired History Associates Incorporated, a private historical research firm, to submit a FOIA request on its behalf. The San Francisco crypto exchange was seeking copies of "Pause Letters" sent to financial institutions asking them to indefinitely cease all "crypto-related activities," according to the complaint. The letters were described in a report from the FDIC's Office of Inspector General (OIG), but never shared publicly. The OIG said the letters presented a "risk that the FDIC would inadvertently limit financial institution innovation and growth in the crypto space." The FDIC refused to provide History Associates or Coinbase with the letters.

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