Today (Thursday), Coinbase filed lawsuits against the U.S.
Securities and Exchange Commission (SEC) and the Federal Deposit Insurance
Corporation (FDIC). According to a report from FoxBusiness, the lawsuits claim
that both agencies failed to fulfill Freedom of Information Act (FOIA) requests
submitted to the U.S. District Court for the District of Columbia.

Alleging Regulatory Opacity

The lawsuits from Coinbase allege that the SEC and FDIC
neglected to provide requested information under the FOIA, impacting
transparency in regulatory dealings. Coinbase accuses the federal agencies of
actions perceived as attempting to marginalize the cryptocurrency industry
within the banking sector.

Specifically, Coinbase’s FOIA requests to the SEC aimed to
obtain information concerning the agency’s stance on Ethereum, particularly its
transition to a proof-of-stake (PoS) consensus mechanism with Ethereum 2.0.
Additionally, Coinbase sought records related to prior investigations involving
individuals such as Zachary Coburn and Enigma MPC, facilitated through its
consultant firm, History Associates Inc.

This article was written by Tareq Sikder at

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