Coinbase has brought legal action against the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC). The accusations concern the two institutions’ defiance of the Freedom of Information Act (FOIA) requests made by Coinbase. They argue that the SEC and FDIC wanted to keep crypto from banks.
The FOIA requests were for the SEC’s understanding of Ethereum issues, such as their change to a proof-of-stake consensus mechanism. The legal battle brought by Coinbase is an example of the continuous disputes at the regulating level and further informs the necessity of clear guidance in the U.S. digital asset space.
