Coinbase files to revive lawsuit against FDIC over crypto transparency

Coinbase has filed a request to the DC district court to resume its pursuit in laws on the law on freedom of information against the federal Deposit Insurance Corporation.

The exchange alleys that the Fdic Continue to retain crucial documents and does not fully cooperate with its requests for information.

This legal action Seeking to obtain files related to FDIC communications with banks concerning cryptocurrency activities, in particular concerning the so-called “Letters break” This asked the banks to stop the services related to the crypto. ​

The trial was initially interrupted in February 2025 following the appointment by President Trump of Travis Hill as acting president of the FDIC. Hill undertook to strengthen the agency’s transparency beyond the requirements of the Foia, which raises that the case could be resolved outside the court.

Coinbase legal director, Paul Grewal, said Eleanor Terrett that there is a continuous dissatisfaction with regard to the transparency of the FDIC. He recognized that cooperation has improved under the new management, but believes that it is not yet enough.

The FDIC should respond to Cornerbase movement within two weeks.

FDIC and BANK

The FDIC recently announced The fact that banks are no longer required to obtain prior approval to engage in legally authorized cryptocurrency activities, provided that they effectively manage the associated risks.

This policy reversal marks a significant change in relation to the more prudent position of the previous administration on banking services linked to the crypto.

Coinbase’s legal actions are part of a wider effort to discover evidence of “Chokepoint 2.0” Operation 2.0, an alleged attempt to coordinate financial regulators to restrict access from cryptographic industry to banking services.

Documents obtained by Previous foia requests Suggest that the FDIC has expressed letters to the banks, advising them to suspend the activities related to the crypto, which are views of Coinbase as part of a concerted effort to stifle the innovation of cryptocurrencies. ​