Coinbase’s legal representatives say the U.S. Federal Deposit Insurance Corporation (FDIC) hasn’t been cooperating with Freedom of Information Act (FOIA) requests.
Coinbase has been attempting to leverage FOIA to uncover instances of the FDIC asking banks to freeze crypto services, known as “pause letters,” but the top US crypto exchange says the regulator hasn’t been complying with its information requests.
Paul Grewal, Coinbase’s chief legal officer, claims the pause letters were part of “Operation Choke Point 2.0,” an alleged attempt by Biden Administration government regulators to stifle the crypto industry.
The exchange hired the law firm History Associates, which filed a motion in January asking a federal court to intervene.
The following month, the court paused the FDIC’s deadline to respond to History Associates’ amended FOIA complaint “so that the parties could engage in a biweekly, informal information-sharing process,” according to the law firm.
Coinbase’s legal representation has requested information regarding the FDIC’s response to its FOIA requests, specifically concerning the regulator’s policy or practice of “failing to conduct complete searches of all relevant databases and failing to take adequate steps to preserve responsive documents.”
In a new motion filed this week, History Associates now says the FDIC is “unwilling to cooperate” with these FOIA requests.
“The only viable path forward is for the case to resume and proceed to litigation of the merits.”
Last month, the FDIC released redacted documents related to its supervision of crypto-related activities, which include pause letters sent to 24 banks as well as communications and records involving other regulated institutions.
House Oversight Committee Chairman James Comer (R-KY) subsequently sent a letter to FDIC Acting Chairman Travis Hill requesting unredacted copies of the documents.
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