In a legal showdown that could have far-reaching implications for the crypto industry, Coinbase has taken regulators to court. The company alleges that both the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corp. (FDIC) have improperly withheld crucial information in response to Freedom of Information Act (FOIA) requests.
Read CRYPTONEWSLAND onCoinbase, through its contractor, History Associates Inc., is seeking documents from the Securities and Exchange Commission that shed light on how the agency initially determined which digital tokens should be considered securities. Specifically, the exchange wants written communications related to three closed cases, including ether (ETH).
Meanwhile, at the FDIC, Coinbase is pursuing copies of the so-called “pause letters” sent to financial firms, advising them to halt crypto-related activities. By obtaining these documents, Coinbase hopes to understand the regulators’ views on cryptocurrencies and their authority.
The recent closure of the SEC’s review of ‘Ethereum 2.0’ as a potential security adds urgency to the situation. If the SEC’s stance on ether is pivotal, the agency’s ability to reject document requests related to ongoing enforcement matters could be impacted.
The legal challenge underscores the tension between innovation and regulation in the crypto space. While the industry seeks clarity, regulators grapple with balancing investor protection and fostering technological progress. Coinbase’s move signals its commitment to transparency and accountability, even if it means taking federal agencies to court.
In the coming weeks, the courts will decide whether the SEC and Federal Deposit Insurance Corp. must release the requested documents. Regardless of the outcome, this case will significantly determine and impact the future of the crypto market.
Discover how #BlockDAG leads with a potential $0.05 launch price and a 1300% price increase,…
#Binance.US gears up for a lengthy legal battle with the SEC, remaining confident despite recent…
US #BitcoinETFs register $129.45M inflow, highest since June 7. Fidelity’s #FBTC leads with $65M, showing…
#Ripple's #Japan and Korea #Fund is open for applications to drive blockchain innovation. #XRLP #Japan…
Roadtown, British Virgin Islands, 2nd July 2024, Chainwire
Learn about the popular influencer Honest Chain's rave review of #BlockDAG's recent 1300% surge &…