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Coinbase filed 2 caller Freedom of Information Act (FOIA) requests connected Oct. 18, seeking regulatory clarity for crypto successful the US.
The caller requests are directed astatine the Federal Deposit Insurance Corporation (FDIC) and were filed by History Associates Incorporated connected behalf of the exchange.
Coinbase main ineligible serviceman Paul Grewal said 1 of the requests is to clarify a 15% deposit cap allegedly imposed connected integer plus companies. The petition claims that the 15% deposit headdress was imposed connected banks specified arsenic Signature Bank, Customers Bank, Cross River Bank, Western Alliance Bank, and Silvergate Bank.
Among the documents requested are interactions dating backmost to June 1, 2022, among FDIC committee members, staff, depository institutions, and officials from the Federal Reserve and the Treasury’s Office of the Comptroller of the Currency (OCC).
Notably, should the FDIC invoke immoderate FOIA exemptions oregon withhold applicable information, Coinbase has asked for a elaborate mentation of the reasons for non-disclosure.
Agencies and FOIA requests
The 2nd petition is related to knowing however regulatory agencies person handled FOIA requests. The speech has requested FDIC and OCC FOIA logs from Jan. 1, 2022, to Oct. 1.
The petition specifies that these logs beryllium provided successful a text-searchable format, emphasizing the value of easiness of entree and transparency successful processing these documents.
By tracking the travel of FOIA requests, Coinbase aims to recognize the agencies’ attack to releasing — oregon withholding — information, peculiarly immoderate that mightiness subordinate to integer plus regulations.
While this peculiar petition does not straight question details astir regulatory decisions, it demonstrates the exchange’s absorption connected clarifying the administrative processes down those decisions.
By asking for FOIA logs, Coinbase tin way patterns successful regulators’ responses to inquiries, perchance identifying trends that could uncover however crypto-related accusation is managed by fiscal watchdogs.
Custodia Bank CEO Caitlyn Long stated that national banking regulators’ “lawlessness” toward US banks that person crypto companies arsenic clients volition “continue to beryllium exposed.”
Other FOIA requests
Grewal besides highlighted that some requests are abstracted from the FOIA-based requests filed by Coinbase successful July 2023, which were directed astatine the SEC.
The requests sought clarification connected however the regulator conducts enforcement actions against crypto firms and the ground it uses to designate definite integer assets arsenic securities.
Coinbase filed a question for partial summary judgement successful its suit against the SEC connected Oct. 18, seeking the merchandise of interior documents related to the agency’s enforcement strategies toward the crypto industry.
This follows the SEC’s delays successful producing documents initially withheld nether the Freedom of Information Act (FOIA). Coinbase contends that the SEC’s delays are unjustified and seeks clarity connected however the bureau applies securities laws to crypto assets, highlighting a broader effort to situation the regulator’s approach.
The station Coinbase files FOIA requests targeting FDIC implicit crypto banking restrictions appeared archetypal connected CryptoSlate.
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