Coinbase has filed two Freedom of Information Act (FOIA) requests against U.S. regulators, seeking transparency about the ongoing cryptocurrency crackdown, particularly among American banks. Paul Grewal, Coinbase’s chief legal officer, revealed the filings, which demand details from agencies like the Federal Deposit Insurance Corporation (FDIC).
Coinbase is seeking clarity on FDIC crypto deposit limits and past FOIA responses
According to reports, the FDIC has instructed banks to limit deposits from crypto companies to 15% of their total deposits. Coinbase claims that this rule was adopted without public involvement, which is typically required by US law. In an X post, Grewal stated:
We filed two new sets of FOIA requests as part of our ongoing effort to obtain clarity on how regulatory agencies are treating digital assets.
~Paul Grewal
One FOIA request is focused on uncovering documents related to deposit caps imposed by the FDIC and other regulators. The second seeks information on how regulators have handled previous crypto-related FOIA requests.
Grewal also mentioned that these requests are separate from earlier FOIA filings that are now part of federal lawsuits. Coinbase has previously taken legal action against the U.S. Securities and Exchange Commission (SEC) and the FDIC for failing to comply with similar information requests.
In 2023, Coinbase sought documents from the SEC regarding its classification of Ether (ETH) but faced charges from the agency over its ETH staking service.
Coinbase is advocating for crypto-friendly policies in the upcoming election
Coinbase has also asked the FDIC for information about “pause letters” allegedly sent to banks to slow down the expansion of crypto-related activities. Grewal clarified that these fresh requests are distinct from FOIA files filed more than a year ago, which are currently the subject of federal proceedings.
As part of its advocacy for clearer crypto regulation, Coinbase launched the “Stand with Crypto” initiative, which includes a political action committee (PAC) supporting pro-crypto candidates.
The November U.S. presidential election will see a face-off between Republican nominee Donald Trump, who aims to make the U.S. the “crypto capital of the world,” and Democrat Kamala Harris, whose stance on crypto is more favorable than that of current President Joe Biden but less pro-industry than Trump’s.
Several crypto enthusiasts view the November election as a watershed moment for the industry, and they’re turning up with their wallets. According to a Public Citizen analysis, cryptocurrency companies have contributed nearly half of all corporate donations this cycle.