As a long-term crypto investor with experience in navigating regulatory hurdles, I’ve grown increasingly frustrated with the SEC’s lack of transparency and inconsistent approach towards digital assets. The latest development in Coinbase’s legal battle against the SEC and FDIC over denied FOIA requests only adds fuel to that fire.
Coinbase is taking a proactive approach following the SEC and FDIC’s refusal to grant their requests for information under the Freedom of Information Act.
Coinbase, a well-known crypto exchange, has filed a lawsuit against the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) in the District Court of Columbia. The complaint is based on their alleged refusal to fulfill Freedom of Information Act (FOIA) requests made through History Associates Inc.
The grievance alleged that these organizations obstructed the path to clear-cut crypto policies and breached their responsibilities under the Freedom of Information Act (FOIA), which grants the public the right to request and obtain records from U.S. regulatory bodies.
In 2023, Coinbase hired History Associates to file a request with the SEC for access to documents detailing their regulatory stance towards Ethereum and the classification of its cryptocurrency, Ether (ETH). Additionally, they sought to examine investigative records concerning cease-and-desist orders directed at Enigma MPC and Etherdelta founder Zachary Coburn.
As a cryptocurrency investor, I closely follow regulatory developments that could impact my investments. Last October, an FDIC report suggested that financial institutions should halt all operations relating to crypto-assets. In response, I, along with many others in the community, urged Coinbase, a leading crypto exchange, to request copies of these directives from the FDDIC.
The SEC and FDIC declined multiple requests for information from America’s largest crypto exchange, Coinbase, leading the company to seek answers through legal channels. Coinbase alleges that these regulatory bodies, with a notable emphasis on the SEC, have actively worked towards incorporating cryptocurrencies into the US financial framework.
The reason the SEC has refused to release documents related to investigations that ended in settlements long ago is specifically designed to thwart Coinbase’s intentions for obtaining the Coburn and Enigma MPC documents. These documents are crucial for Coinbase to comprehend the legal perspective guiding the SEC’s aggressive enforcement actions against the digital asset sector.
Financial regulators have employed various methods to curb the growth of the digital asset sector. The Securities and Exchange Commission (SEC) asserts extensive power yet fails to establish clear-cut regulations, let alone consistent or logical ones. In contrast, the Federal Deposit Insurance Corporation (FDIC) has urged financial institutions to disengage from dealings with these assets.
— paulgrewal.eth (@iampaulgrewal) June 27, 2024
Coinbase vs. SEC intensifies
As an analyst, I’ve been closely following the ongoing debates between the Securities and Exchange Commission (SEC) and the crypto industry, particularly Coinbase. The recent wave of complaints against the SEC contends that its regulatory actions can be characterized as a “regulation by enforcement” approach. In simpler terms, this means that instead of clearly defining rules for digital assets, the SEC has primarily relied on taking enforcement actions against non-compliant entities.
As a researcher studying the cryptocurrency industry, I’ve discovered that the largest crypto exchange based in America is currently in discussions with the Securities and Exchange Commission (SEC) on three distinct matters in their pursuit of regulatory guidance. In late June of this year, SEC lawyers filed a lawsuit against the company, alleging that they had been facilitating unregistered securities trading and operating an unlawful securities exchange.
As a crypto investor, I’ve closely followed the developments with the platform in question. In 2022, they took a significant step by filing a rule-making petition. This action has progressed through the legal channels and is now under review at the U.S. Court of Appeals for the Third Circuit.
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2024-06-27 19:10