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America’s largest crypto exchange Coinbase sues the U.S. SEC and the FDIC to obtain documents relating to the agencies efforts…
The post Coinbase Sues SEC, FDIC Over Noncompliance with FOIA Request first appeared on The Crypto Basic.
Coinbase sued the SEC and FDIC, accusing the agencies of denying information requests and coordinating efforts to restrict the crypto industry's access to banking services.
Today (Thursday), Coinbase filed lawsuits against the U.S.Securities and Exchange Commission (SEC) and the Federal Deposit InsuranceCorporation (FDIC). According to a report from FoxBusiness, the lawsuits claimthat both agencies failed to fulfill Freedom of Information Act (FOIA) requestssubmitted to the U.S. District Court for the District of Columbia.
Alleging Regulatory Opacity
The lawsuits from Coinbase allege that the SEC and FDICneglected to provide requested information under the FOIA, impactingtransparency in regulatory dealings. Coinbase accuses the federal agencies ofactions perceived as attempting to marginalize the cryptocurrency industrywithin the banking sector.
BREAKING: COINBASE IS SUING THE SEC, ALLEGING REGULATORS ARE TRYING TO CRIPPLE THE CRYPTO INDUSTRY. pic.twitter.com/bD1B1Vny1r
Bitcoin Magazine (@BitcoinMagazine) June 27, 2024Specifically, Coinbase's FOIA requests to the SEC aimed toobtain information concerning the agency's stance on Ethereum, particularly itstransition to a proof-of-stake (PoS) consensus mechanism with Ethereum 2.0.
Additionally, Coinbase sought records related to prior investigations involvingindividuals such as Zachary Coburn and Enigma MPC, facilitated through itsconsultant firm, History Associates Inc.
Lawsuit Advances despite Partial Dismissal
Earlier, afederal judge in Manhattan permitted the SEC to continue its lawsuitagainst Coinbase, as reported by FinanceMagnates. While dismissing one claim, the ruling sets the stage for aprotracted legal battle. US District Judge Katherine Failla partially grantedCoinbase's motion to dismiss the SEC's allegations of securities lawviolations.
The decision underscores ongoing regulatory challenges facedby digital asset firms. Despite a partial victory for Coinbase, the rulingaligns with the SEC's crypto regulation stance. Coinbase's Chief Legal Officer,Paul Grewal, affirmed readiness to contest SEC claims, expressing confidence inlegal arguments.
The lawsuit, initiated in June last year, accuses Coinbase offacilitating unregistered securities trading and operating unlawfully as asecurities exchange.
Judge Failla's decision permits most claims to proceed,excluding allegations of unregistered broker activity via Coinbase's walletapp. This legal clash is pivotal in the SEC's efforts to regulate the digitalasset market under traditional securities laws.
This article was written by Tareq Sikder at www.financemagnates.com.
Coinbases lawsuits target the SEC and FDIC for alleged noncompliance with FOIA requests regarding Ethereums proof-of-stake transition.
US regulators have closed Philadelphia-based Republic First Bank, marking the first banking failure of 2024. The closure has sparked debate among the crypto community, with Bitcoin and Ether trading down. The bank had approximately $6 billion in total assets and $4 billion in total deposits as of January 31. (Read More)
Coinbase has filed a legal objection to the Federal Deposit Insurance Corporations (FDIC) latest attempt to delay the release of key documents related to the alleged debanking of crypto firms. On April 10, the exchange opposed the FDICs request for a 16-day extension in response to a Freedom of Information Act (FOIA) lawsuit. Paul Grewal, […]
The post Coinbase accuses FDIC of stalling crypto debanking document release appeared first on CryptoSlate.
On July 28, 2023, the Kansas Office of the State Bank Commissioner closed Heartland Tri-State Bank of Elkhart, Kansas, appointing the Federal Deposit Insurance Corporation (FDIC) as receiver. (Read More)
The Federal Deposit Insurance Corporation (FDIC) has requested Cross River Bank – known for its services to fintech and crypto firms like Visa and Coinbase – to “self-correct” and appropriately address weaknesses in its lending activities. On April 28, the FDIC made public a consent order executed with Cross River Bank on March 8, alleging that [...]
The post FDIC alleges Cross River engaged in ‘unsafe’ lending practices appeared first on Crypto Breaking News.
The Commodity Futures Trading Commission (CFTC) has decided to scale back its scrutiny on risks related to digital asset trading and clearing. The agency has officially withdrawn two of its previous advisories issued in 2018 and 2023. This creates a standardized regulatory framework for digital assets and other products. CFTC Scales Back Crypto Scrutiny The […]
David Sacks, the White Houses cryptocurrency and artificial intelligence director, commended the FDICs latest move, stating that it significantly facilitates banks participation in cryptocurrency activities. He emphasized that allowing banks to engage in crypto-related ventures would help mainstream digital assets, making them more accessible to the broader financial system. The Federal Deposit Insurance Corporation (FDIC) […]
The Federal Deposit Insurance Corporation (FDIC) and the Commodity Futures Trading Commission (CFTC) have recently announced steps to relax regulations on cryptocurrency for banks and derivatives trading. This move signals a shift in the regulatory landscape, aiming to foster innovation and growth in the digital asset space. By easing restrictions on financial institutions engaging with [...]
The post FDIC and CFTC Relax Crypto Regulations for Banks and Derivatives in the US appeared first on Crypto Breaking News.
The FDIC Takes Action to Eliminate Reputational Risk in Bank Examinations The Federal Deposit Insurance Corporation (FDIC) has announced a significant shift in its approach to bank examinations to eradicate reputational risk for financial institutions. This move aims to ensure a fair evaluation process that focuses on objective criteria rather than subjective factors that could [...]
The post FDIC Takes Action to Eliminate “Reputational Risk” in Bank Exams from Examination Agenda appeared first on Crypto Breaking News.
On Friday, Michael Barr, the vice chair for supervision at the U.S. Federal Reserve, published a report on the vulnerabilities that led to the ultimate failure of Silicon Valley Bank (SVB). In addition, Marshall Gentry, the chief risk officer of the Federal Deposit Insurance Corporation (FDIC), released a similar report on Signature Bank’s collapse and [...]
The post Reports by Fed and FDIC Reveal Vulnerabilities Behind 2 Major US Bank Failures appeared first on Crypto Breaking News.
According to multiple reports, First Republic Bank is facing significant financial difficulties and could be taken over by the Federal Deposit Insurance Corporation (FDIC) if private sector banks do not intervene. The FDIC has reportedly approached several large commercial banks regarding purchasing First Republic after the bank’s stocks dropped more than 50% on Friday. FDIC [...]
The post First Republic Bank Faces Potential Takeover by FDIC Amidst Financial Struggles appeared first on Crypto Breaking News.
On Tuesday, the U.S. Senate Committee on Banking, Housing, and Urban Affairs, also known as the Senate Banking Committee, held a hearing to discuss the recent bank collapses in the United States and the regulatory response. Throughout the testimonies, digital assets and crypto businesses were mentioned. Senate Banking Committee chairman Sherrod Brown claimed on Tuesday [...]
The post Senate Banking Committee Holds Hearing on Recent Bank Collapses, Calls for Tougher Regulations appeared first on Crypto Breaking News.
On Tuesday, United States Federal Deposit Insurance Corporation (U.S. FDIC) reported that the account holders of Signature Bank have to
The FDIC warned that there would be no more crypto offerings from Signiture after the buy out
Signature Bank’s cryptocurrency clients have been reportedly given until April 5 to take their funds out and find another bank, or have their accounts closed by the federal regulator. According to reports, a United States Federal Deposit Insurance Corporation (FDIC) spokesperson said on March 28 that the agency was “reaching out to depositors from Signature [...]
The post Signature’s crypto clients told to close their accounts by April 5: Report appeared first on Crypto Breaking News.
Cooper & Kirk law firm sends letter to US Congress alleging regulatory overreach against the crypto industry.
The president of the Federal Reserve Bank of Minneapolis, Neel Kashkari, says the current banking crisis has pushed the U.S. economy closer to a recession. “We have fundamental issues, regulatory issues facing our banking system,” the Fed official stressed. Neel Kashkari on U.S. Economy, Banking Crisis, Recession Federal Reserve Bank of Minneapolis President Neel Kashkari [...]
The post Fed Bank President: Banking Crisis Tips US Economy Toward Recession appeared first on Crypto Breaking News.
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