#FDIC Misses More Cryptocurrency Letters#
Hot Topic Overview
Overview
The Federal Deposit Insurance Corporation (FDIC) has been accused of omitting multiple cryptocurrency-related "cease and desist" letters sent to banks in a Freedom of Information Act (FOIA) lawsuit supported by Coinbase. The FDIC reportedly claimed in its January 17 status report that it had complied with FOIA requirements, submitting all relevant documents and conducting a necessary search for letters shared with the Office of the Inspector General between March 2022 and May 2023. However, History Associates, in a report submitted to the U.S. District Court for the District of Columbia on January 17, alleges that the FDIC “may have omitted other cease and desist letters” and plans to file new allegations in its lawsuit. Public whistleblowers have accused the FDIC of “systematically thwarting FOIA requests,” resulting in the non-disclosure of at least 150 relevant documents. Coinbase Chief Legal Officer Paul Grewal accused the FDIC of playing “word games” after the agency stated it only searched for cease and desist letters within a specific time frame.
Ace Hot Topic Analysis
Analysis
The Federal Deposit Insurance Corporation (FDIC) has been accused of omitting more “cease and desist letters” related to cryptocurrency sent to banks in a Freedom of Information Act (FOIA) lawsuit supported by Coinbase. In a report filed on January 17th with the federal court in Washington D.C., History Associates stated that the FDIC "may have omitted other cease and desist letters" and plans to bring new charges in its lawsuit. Public whistleblowers allege that the FDIC is "systematically obstructing FOIA requests," resulting in at least 150 relevant documents not being turned over. In its January 17th status report, the FDIC claimed it has complied with FOIA requirements, submitting all relevant documents and conducting necessary searches of correspondence shared with the Office of Inspector General between March 2022 and May 2023. Coinbase Chief Legal Officer Paul Grewal accused the FDIC of playing “word games,” after the agency stated it only searched for cease and desist letters within a specific timeframe. The incident raises questions about the FDIC’s transparency and integrity in handling cryptocurrency related matters and highlights the challenges regulators face when dealing with emerging technologies.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
FDIC omitted more crypto-related 'cease and desist' letters in Coinbase-backed FOIA lawsuit.
FDIC may be systematically thwarting FOIA requests, leading to the non-disclosure of at least 150 related documents.
FDIC claims it has complied with FOIA requirements, submitted all relevant documents, and conducted the necessary search for letters shared with the Office of Inspector General between March 2022 and May 2023.
Coinbase Chief Legal Officer Paul Grewal accused the FDIC of playing 'word games' after the agency said it only searched for cease and desist letters within a specific timeframe.