#FDIC Allegedly Concealed Cryptocurrency Letter#
Hot Topic Overview
Overview
The Federal Deposit Insurance Corporation (FDIC) is 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 plaintiff, History Associates, alleges the FDIC may have omitted other cease and desist letters and plans to file new allegations in its lawsuit. They believe there is a “systematic obstruction of FOIA requests” by the FDIC, leading to the non-disclosure of at least 150 relevant documents. The FDIC claims it has adhered to FOIA requirements, submitted all pertinent documents, and conducted a necessary search of 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 time period. The incident has raised questions about the FDIC’s transparency in its cryptocurrency regulatory efforts.
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 claimed in its January 17 status report that it had complied with FOIA requirements, submitted all relevant documents, and conducted a necessary search of correspondence shared with the Office of Inspector General from March 2022 to May 2023. However, History Associates, in a report filed in federal court in Washington, D.C. on January 17, stated that the FDIC "may have omitted other cease and desist letters" and plans to file new allegations in its lawsuit. There are public claims that the FDIC "systematically obstructed FOIA requests," leading to at least 150 related documents not being turned over. 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. This incident has raised questions about the FDIC's transparency and integrity in cryptocurrency regulation, and has exacerbated tensions between Coinbase and the FDIC.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
FDIC allegedly withheld more cryptocurrency-related 'cease and desist' letters in a Coinbase-backed Freedom of Information Act lawsuit.
The FDIC may have systematically stonewalled FOIA requests, resulting in at least 150 relevant documents not being turned over.
The FDIC claims it has 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 Chief Legal Officer Paul Grewal accused the FDIC of playing 'word games' after the agency said it only searched for cease letters in a specific timeframe.