#FDIC Accused of Hiding Cryptocurrency Letter#
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. Coinbase Chief Legal Officer Paul Grewal accused the FDIC of playing "word games," after the agency stated it had only searched for cease and desist letters within a specific timeframe. A report filed in Washington D.C. federal court on January 17 by History Associates states that the FDIC "may have omitted other cease and desist letters," and plans to pursue new allegations in its lawsuit. Public complaints allege that the FDIC has "systematically thwarted FOIA requests," resulting in at least 150 related documents being withheld. The FDIC, in its January 17 status report, claims the company has complied with FOIA requirements by submitting all relevant documents and conducting a required search of letters shared with the Office of Inspector General from March 2022 to May 2023.
Ace Hot Topic Analysis
Analysis
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 brought by Coinbase. This has raised concerns about whether the FDIC is systematically obstructing FOIA requests. Coinbase Chief Legal Officer Paul Grewal accused the FDIC of playing "word games" because the FDIC claimed it only searched for cease and desist letters within a specific time period. History Associates, in a report submitted to a federal court in Washington, D.C., said that the FDIC "may have omitted other cease and desist letters" and plans to file new allegations in its lawsuit. The FDIC is alleged to have omitted at least 150 relevant documents. While the FDIC claims to have complied with FOIA requirements and submitted all relevant documents, there are concerns about whether its search was sufficiently comprehensive and whether it truly made a good-faith effort to satisfy the FOIA request. This event has again raised concerns about the transparency and disclosure of information by regulators in the cryptocurrency space.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
FDIC was accused of omitting more 'cease and desist' letters related to crypto in a FOIA lawsuit supported by Coinbase.
The FDIC may have systematically obstructed FOIA requests, resulting in at least 150 related documents not being turned over.
The FDIC claims it has complied with FOIA requirements, submitted all relevant documents and conducted the necessary searches of letters shared with the Office of Inspector General from March 2022 to May 2023.
Coinbase Chief Legal Officer Paul Grewal accused the FDIC of playing 'word games' after the agency said it only searched for cease letters within a specific time period.