#FDIC Conceals Cryptocurrency Information#
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. Allegedly, the FDIC only searched for letters within a specific timeframe and may have missed other relevant documents. Coinbase Chief Legal Officer Paul Grewal accused the FDIC of playing "word games" and stated that the FDIC has been "systematically thwarting FOIA requests," resulting in the non-disclosure of at least 150 related documents. The FDIC, however, claims to have complied with FOIA requirements and submitted all relevant documents. This incident has raised public concerns about the transparency and integrity of the FDIC's cryptocurrency regulation efforts.
Ace Hot Topic Analysis
Analysis
The Federal Deposit Insurance Corporation (FDIC) has been accused of omitting more cryptocurrency-related “cease and desist letters” 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, submitted all relevant documents, and conducted the necessary searches for letters shared with the Office of Inspector General between March 2022 and May 2023. However, History Associates, in a report filed on January 17 with the U.S. District Court for the District of Columbia, stated that the FDIC “may have omitted other cease and desist letters” and plans to file new allegations in its lawsuit. There have been public reports alleging that the FDIC “systematically obstructs 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 timeframe. The incident has raised concerns about the FDIC’s transparency in its cryptocurrency regulatory practices and has escalated the legal dispute between Coinbase and the FDIC.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
FDIC was accused of omitting multiple cryptocurrency-related 'cease and desist letters' sent to banks in a Freedom of Information Act lawsuit supported by Coinbase.
FDIC may have omitted other cease and desist letters and plans to make new allegations in its lawsuit.
Public complaints allege FDIC has 'systematically stonewalled FOIA requests,' leading to at least 150 relevant documents not being turned over.
FDIC claims it has complied with FOIA requests, submitted all relevant documents, and conducted a necessary search of letters shared with its Office of Inspector General between March 2022 and May 2023.