Coinbase’s legal representative says the US Federal Deposit Insurance Corporation (FDIC) has not cooperated with the Freedom of Information Act (FOIA) requests.
Coinbase is trying to leverage FOIA to reveal an example of FDIC asking banks to freeze crypto services known as the “suspension letter,” but the top US Crypto Exchange says regulators are not complying with its information requests.
Coinbase Chief Justice Officer Paul Grewal claims the suspension letter is part of Operation Choke Point 2.0.
The exchange hired historic law firm associates and filed an appeal in federal court in January to seek intervention.
The following month, the court suspended the FDIC deadline and responded to complaints from fellow history FOIAs, allowing parties to engage in an informal information sharing process, according to the law firm.
Coinbase’s legal representative requested information regarding the response to the FDIC’s FOIA request. In particular, information is required regarding regulatory policies or practices that “we did not conduct a full search of all relevant databases.”
In a new claim filed this week, History Associates said the FDIC “doesn’t want to cooperate” with these FOIA requests.
“The only viable path forward is for cases to resume and move on to Merit’s lawsuit.”
Last month, FDIC released compiled documents related to overseeing crypto-related activities. This includes suspending letters sent to 24 banks as well as communications and records involving other regulatory bodies.
House Oversight Committee Chairman James Kommer (R-KY) later sent a letter to acting FDIC Chairman Travis Hill requesting an unedited copy of the document.
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