In a determined pursuit of clearer regulations for digital assets, Coinbase has intensified its efforts by filing new Freedom of Information Act (FOIA) requests.
Coinbase’s Chief Legal Officer, Paul Grewal, has announced the company’s latest move in its ongoing effort to compel U.S. regulatory agencies to provide clearer guidelines on the treatment of digital assets.
In a statement, Grewal revealed that Coinbase has filed two new sets of Freedom of Information Act (FOIA) requests, signaling an intensifying legal and regulatory standoff.
“We filed two new sets of FOIA requests in our continued effort to get any sort of clarity on how regulatory agencies are approaching digital assets,” Grewal said. “In short, so long as the government will not relent, neither will Coinbase.”
The first FOIA request pertains to a digital asset deposit cap that the Federal Deposit Insurance Corporation (FDIC) and other banking regulators have reportedly been imposing on financial institutions. Coinbase is seeking documentation that would clarify these alleged restrictions and how they are being applied across the financial sector.
The second FOIA request is for logs detailing how these agencies are handling other FOIA requests, presumably to assess transparency and consistency in their processing of information related to the digital asset industry.
“Each is separate from our FOIA filings from over a year ago that are now the subject of federal lawsuits,” Grewal added, referencing ongoing legal action Coinbase has taken against regulatory bodies for failing to provide the requested information in earlier FOIA filings.
The Freedom of Information Act (FOIA) in the U.S. is a federal law that grants the public the right to access records from any federal government agency. It is intended to promote transparency and accountability by allowing citizens, journalists, and organizations to request information about government activities.
Agencies are required to disclose requested records unless they fall under one of nine exemptions, such as national security, privacy, or law enforcement concerns. FOIA helps ensure that the public has insight into how the government operates.
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Coinbase is leading efforts to challenge regulatory overreach and a lack of clarity, particularly from the SEC and banking authorities, through new FOIA filings. These actions aim to hold regulators accountable for their opaque handling of cryptocurrency regulation.
The filings come as banks intensify scrutiny of crypto transactions, which Coinbase fears could hinder innovation and restrict access to financial services for crypto users.
The filing has garnered attention within the cryptocurrency community, with many stakeholders expressing support for Coinbase’s efforts to seek clarity on regulatory matters.
Coinbase’s actions could have broader implications for the cryptocurrency market as it navigates an increasingly complex regulatory landscape.
If successful in obtaining the requested information, Coinbase may leverage it to engage in more constructive dialogue with regulators, potentially influencing future policies affecting digital assets.
As regulatory scrutiny continues to intensify, other cryptocurrency firms may follow suit in seeking transparency about government actions impacting their operations. This could lead to a more organized effort within the industry to advocate for favorable regulations.
