The post ‘This will not stand’ – Coinbase CLO condemns FDIC’s FOIA handling appeared on BitcoinEthereumNews.com.

Paul Grewal, Coinbase’s Chief Legal Officer raised red flags over the Federal Deposit Insurance Corporation’s (FDIC) handling of Freedom of Information Act (FOIA) requests. This debate over the agency’s accountability has taken center stage in the digital assets industry. This comes in when Judge Katherine Failla granted Coinbase an interlocutory appeal against the US SEC. Meanwhile, FDIC Vice Chair Travis Hill had also criticized past federal actions that limited banks’ involvement in crypto. He calls for an end to restrictive practices like “Operation Chokepoint.” Coinbase challenges FDIC In an X post, Grewal stated that the FDIC’s response to Coinbase’s FOIA requests had raised more questions than answers. He asked the agency to explain its public report about why it does not run complete text searches of all documents within its Regional Automated Document Distribution (RADD) database. He added that documents from tools like Microsoft Teams were also excluded from FOIA responses which limited the disclosed data. Grewal highlighted FDIC guidelines that classify documents as “deliberative” or “attorney-client privileged.” Coinbase claims that this move restricts disclosure as more than 150 potentially related documents were allegedly omitted. Coinbase’s CLO pointed out that these practices raise critical concerns about transparency in regulatory processes. The crypto industry must push for clearer rules and fair oversight. He stated, “This will not stand.” Their response so far? “Given the expansion of your requests we will take time necessary to consider your communication and respond.” This will not stand. 3/3 — paulgrewal.eth (@iampaulgrewal) January 11, 2025 Judge Katherine Failla has granted Coinbase an interlocutory appeal. This allows the crypto exchange to challenge the SEC’s claims at the Second Circuit Court of Appeals. It implies that the exchange can contest the commission’s accusations of running an unregistered exchange and broker-dealer, as well as selling unregistered securities through its…

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Filed under: News - @ January 11, 2025 12:17 pm