The Federal Insurance Deposit Corporation (FDIC) is unsealing hundreds of documents that expose how US institutions were instructed to be deprived of crypto-related services. In a new press release, the FDIC – the government agency that insures deposits in US banks – says it is unveiling 175 documents revealing how it supervised banks that participated […]
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Coinbase’s chief legal officer Paul Grewal says that unredacted letters show that the Federal Deposit Insurance Corporation (FDIC) was attempting to sabotage a wide variety of activity in the crypto industry. Grewal previously said that Coinbase’s Freedom of Information Act (FOIA) requests uncovered instances where the FDIC asked banks to freeze crypto services Said Grewal at […]
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Top US-based crypto exchange Coinbase’s Freedom of Information Act (FOIA) requests are uncovering more instances where the U.S. Federal Deposit Insurance Corporation (FDIC) asked banks to freeze crypto services. In a new thread on the social media platform X, Coinbase chief legal officer Paul Grewal says the revealed information confirms the notion that the US […]
The post Coinbase FOIA Requests Unearth More Instances of U.S. FDIC Asking Banks To ‘Pause’ Crypto Services appeared first on The Daily Hodl.
Coinbase chief legal officer Paul Grewal says he can see multiple instances when the Federal Deposit Insurance Corporation (FDIC) told banks to stop offering crypto-related services. In a new thread on the social media platform X, Grewal says that Coinbase uncovered the information after filing a Freedom of Information Act (FOIA) request at the FDIC, […]
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Coinbase's chief legal officer declares that the “contents are a shameful example of a government agency trying to cut off financial access to law-abiding American companies.”
Cryptocurrency exchange Coinbase has discovered “over 20 examples” of the United States regulator advising US banks to steer clear of crypto-related banking services, according to its chief legal officer.
The discovery follows Coinbase filing two Freedom of Information Act (FOIA) requests against the Federal Deposit Insurance Corporation (FDIC) — the US agency insuring bank deposits — demanding they disclose information about the ongoing crypto crackdown among US banks.
“So far, we’ve uncovered more than 20 examples of the FDIC telling banks to “pause” or “refrain from providing” or “not proceed” with offering crypto-banking services,” Coinbase chief legal officer Paul Grewal claimed in a Nov. 1 X post.
Coinbase and Ripple legal chiefs, Paul Grewal and Stuart Alderoty, have criticized the U.S. Securities and Exchange Commission (SEC) for its inconsistent approach to classifying tokens as securities. Grewal referenced Footnote 6 in the SEC’s amended complaint against Binance, where the agency admitted creating confusion by labeling tokens as securities. He also pointed out the […]
A judge is partially granting a motion by Coinbase that would force the U.S. Securities and Exchange Commission (SEC) to produce critical documents. Last month, Coinbase filed the motion to procure the documents related to its previous communication with crypto issuers because they believe the regulatory body’s enforcement actions have been inconsistent. The SEC first […]
The post Judge Partially Grants Coinbase Motion in Compelling SEC To Produce Key Documents, Cites Ripple Case in Order appeared first on The Daily Hodl.
Coinbase’s chief legal officer has criticized the U.S. Securities and Exchange Commission (SEC) for its ambiguous position regarding FTX’s proposal to repay creditors using stablecoins or other cryptocurrencies. Although the SEC did not explicitly deem these transactions illegal, it retained the right to contest them, leading to frustration within the crypto community. This uncertainty has […]
Coinbase wants the U.S. Securities and Exchange Commission (SEC) to produce documents related to its regulatory decision-making processes surrounding several digital assets. The top US crypto exchange has asked a judge to order the regulator to search for and produce documents related to its previous communication with crypto issuers. Coinbase also argues that the SEC […]
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In its third letter to the SEC, the crypto exchange said it would withdraw the proposal, which was first released in 2022, and start over again.
Coinbase has submitted a new letter to the United States Securities and Exchange Commission (SEC) on that agency’s proposed changes to the definitions of a national securities exchange. This is the third comment letter from Coinbase and addresses the SEC’s cost-benefit analysis of its proposed changes.
The SEC lacks the necessary information to conduct a cost-benefit analysis and depends on irrational arguments in its place, Coinbase argues. The SEC should at least withdraw the proposal and start over again after it has done its research, the letter’s author, Coinbase chief legal officer Paul Grewal said.
A cost-benefit analysis is required for the proposal under the Administrative Procedure Act and Exchange Act of 1934, Grewal said. The letter went on to list the information that the SEC admits to not knowing, starting with the definition of a “crypto asset security” and the number of exchanges operating on the market, and concludes:
