The post Coinbase announces lawsuits against SEC, FDIC in Freedom of Information Act dispute appeared on BitcoinEthereumNews.com.

After failing to have Freedom of Information Act (FOIA) requests granted, Coinbase is initiating legal action against the US Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC), the company announced Thursday.  In 2023, Coinbase hired consultancy firm History Associates Incorporated to assist in retrieving records from the SEC and FDIC. Both requests were denied, History Associates said, and the firm is now suing both agencies in an effort to force them to hand over the documents.  In both suits, History Associates is the plaintiff, and Coinbase is named as a related party.  On behalf of Coinbase, History Associates in July 2023 submitted a FOIA request to the SEC. The agency asked for documents relating to the SEC’s “views on Ethereum and the status of ETH,” according to the complaint.  The SEC in October 2023 denied the request, stating that they were unable to “locate or identify any information responsive to the request,” the complaint states. After History Associates appealed the decision, the SEC later said the files did exist, but they were protected under exemption rules.  History Associates and Coinbase argue that these exemptions do not apply and the court should require the SEC to release the information.  In a separate FOIA request, which was also denied, Coinbase and History Associates sought documents relating to any investigation involving Enigma MPC and Etherdelta founder Zachary Coburn. Both parties were served cease and desist orders for alleged securities violations.  “The SEC’s rationale for withholding documents from investigations that concluded in settlements years ago is tailor-made to frustrate the legitimate purposes for which Coinbase sought the Coburn and Enigma MPC documents in the first place—to understand the view of the law that underlies the SEC’s enforcement blitzkrieg against the digital-asset industry,” the complaint reads. “The SEC’s stonewalling violates its…

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Filed under: News - @ June 27, 2024 1:16 pm