Coinbase sues SEC and FDIC, accusing them of anti-crypto bias
The post Coinbase sues SEC and FDIC, accusing them of anti-crypto bias appeared on BitcoinEthereumNews.com.
Coinbase has decided to fight back against what it sees as unjust treatment by financial regulators. The crypto giant has filed two lawsuits under the Freedom of Information Act (FOIA) against the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC). The basis of these lawsuits? Coinbase claims that these agencies have been stonewalling requests for information that should be available to the public. Related: Coinbase Submits Closing Brief Opposing SEC’s Petition Denial Paul Grewal, Coinbase’s Chief Legal Officer, shared a statement on the decision. He accused financial regulators of using their power to harm the digital asset industry. According to him, the SEC has been claiming broad authority over crypto but has failed to provide any clear or consistent rules. Source: Paul Grewal Meanwhile, the FDIC has been pushing banks to distance themselves from the crypto sector. This lack of transparency and clear regulation has led Coinbase to demand better from these agencies. The SEC’s conflicting feelings on Ethereum Coinbase’s filings reveal some troubling actions by the SEC. In 2018, the SEC publicly declared that Ethereum (ETH) is not a security. This announcement led Coinbase and other crypto firms to invest heavily in Ethereum. However, in recent years, the SEC’s position seems to have shifted. The current SEC Chair has been evasive when asked directly whether ETH is a security. This has caused major uncertainty in the market. In early 2023, during a congressional hearing, the SEC Chair dodged questions about ETH’s status. Around the same time, the SEC quietly initiated an investigation into “Ethereum 2.0,” suggesting a new stance that ETH might be a security after all. Source: Coinbase This led to a flurry of subpoenas targeting entities associated with Ethereum, causing further confusion and legal battles. Some firms, like Consensys, even sued the…
Filed under: News - @ June 27, 2024 1:12 pm