Coinbase Accuses FDIC of Blocking Access to Crypto Documents

Coinbase has filed a motion in federal court challenging the FDIC’s handling of its FOIA requests, arguing that the agency must comply with the court order and provide all relevant documents.

Coinbase has accused the Federal Deposit Insurance Corporation (FDIC) of obstructing its access to important documents related to its Freedom of Information Act (FOIA) requests concerning the regulator’s excessive targeting of crypto companies.

Despite a court order mandating disclosure, the crypto exchange claims that the FDIC is withholding crucial information. In a statement on January 17, Coinbase’s Chief Legal Officer Paul Grewal criticized the FDIC’s handling of the FOIA requests.

The dispute centers on letters issued by the FDIC to banks engaged in cryptocurrency-related services. These letters reportedly advised financial institutions to suspend their crypto operations until the agency completed regulatory reviews. While Coinbase managed to obtain some of these letters through legal action, Grewal alleges that the FDIC intentionally limited its search for documents.

He suggests that there may be more “pause letters” in existence, but the agency restricted its efforts to those explicitly mentioned in a previous report. Requests for a broader review were denied, with the FDIC allegedly stating that it would take a year or longer to comply with the request.