Coinbase needs US banking regulators to reveal info relating to an obvious “digital asset deposit cap” they’ve been imposing on monetary establishments, in line with Paul Grewal, the change’s chief authorized officer (CLO).
Grewal notes the agency filed a brand new Freedom of Info Act (FOIA) request with the Federal Deposit Insurance coverage Company (FDIC), asking for copies of paperwork associated to “the imposition of a proper or casual cap, restrict, ceiling, most, or different restriction or restraint on deposits from digital asset firms at depository establishments, together with however not restricted to Signature Financial institution, Clients Financial institution, Cross River Financial institution, Western Alliance Financial institution, and Silvergate Financial institution.”
The FOIA submitting requests paperwork and communications on the subject that have been exchanged between the FDIC and third-party depository establishments, the Board of Governors of the Federal Reserve System, the Treasury’s Workplace of the Comptroller of the Foreign money and members of the press.
Coinbase has additionally filed a FOIA request with the FDIC for inside logs that show how it’s fielding different FOIA requests.
The highest US crypto change is within the midst of multiple legal battles with US regulators: The Securities and Trade Fee (SEC) sued Coinbase in June 2023 for allegedly violating securities legal guidelines, together with promoting unregistered securities and working an unregistered change/dealer company.
And in June, the change filed a counter-lawsuit towards the SEC and the FDIC, accusing the regulators of performing exterior their jurisdiction, making an attempt to “cripple” the crypto trade and avoiding FOIA requests.
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