Coinbase Seeks Transparency from SEC and FDIC

Summary:
Coinbase has filed lawsuits under the Freedom of Information Act (FOIA) against the SEC and FDIC, seeking transparency regarding their actions towards the cryptocurrency industry. Coinbase’s chief legal officer, Paul Grewal, criticized the SEC for claiming extensive authority without providing clear or consistent rules and the FDIC for pressuring financial institutions to sever ties with the crypto sector. The lawsuits aim to obtain documents about closed SEC investigations, including an investigation into Ethereum (ETH), and FDIC letters to banks instructing them to halt crypto-related activities. Coinbase argues that the lack of transparency and effective regulation from these agencies stifles innovation and growth in the crypto space. The company’s stock price is currently $222, down 9.3% over the past 30 days, amid ongoing legal challenges.