#FDIC Accused of Hiding Crypto 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. The FDIC allegedly claimed in its January 17 status report that it had complied with FOIA requirements, submitted all relevant documents, and conducted necessary searches for correspondence shared with the Office of Inspector General between March 2022 and May 2023. However, History Associates, in a report filed with a federal court in Washington, D.C., on January 17, stated that the FDIC "may have omitted other cease and desist letters" and plans to raise new allegations in its lawsuit. 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 time frame. The incident has raised public concern over the FDIC potentially "systematically obstructing FOIA requests," resulting in the non-disclosure of at least 150 relevant documents.
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 supported by Coinbase. The FDIC allegedly only searched for letters within a specific time frame and claimed to have submitted all relevant documents. However, History Associates, in a report filed 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 accusations in its lawsuit. Public complaints allege that the FDIC is "systematically thwarting FOIA requests," leading to the non-disclosure of at least 150 related documents. Coinbase Chief Legal Officer Paul Grewal accused the FDIC of playing "word games," arguing that the agency has not made a genuine effort to provide all relevant documents. This incident has raised concerns about the FDIC's transparency and integrity in cryptocurrency regulation, further escalating the legal dispute between Coinbase and the FDIC.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
FDIC withheld more 'cease and desist' letters related to cryptocurrency in its FOIA lawsuit against Coinbase.
The FDIC may be systematically obstructing FOIA requests, resulting in the non-disclosure of at least 150 related documents.
The FDIC claims to have complied with FOIA requirements, submitted all relevant documents, and conducted a necessary search of letters shared with the Office of the Inspector General between March 2022 and May 2023.
Coinbase accuses the FDIC of playing 'word games,' after the agency said it only searched for cease and desist letters within a specific time frame.