Coinbase Escalate Efforts For FDIC Crypto Guidance Records In FOIA Lawsuit

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Coinbase filed a notice of anticipated cross-motion in its cases against the Federal Deposit Insurance Corporation (FDIC). Both parties agree that summary judgment is the appropriate course in terms of Freedom of Information Act (FOIA) actions. Digital asset enthusiasts look to clear up roadblocks to pro-industry regulations. 

Coinbase Files Anticipated Motion 

The legal battle between History Associates and the Federal Deposit Insurance Corporation (FDIC) has taken another turn, with History Associates emphasizing their points in court. In a recent submission, they’ve pointed out instances where the FDIC allegedly failed to adhere to the law. Meanwhile, Coinbase has taken action against the FDIC, asking for documents under the Freedom of Information Act (FOIA). However, the FDIC refuses these requests, claiming an exception provided by the act

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In cases involving the Freedom of Information Act (FOIA), judgments are usually made based on requests for summary judgment. In Media Research Ctr. v. U.S. Dep’t of Justice, 818 F. Supp. 2d 131, 136 (D.D.C. 2011), it was stated that when considering such a motion, the court performs a fresh evaluation of all available evidence and must interpret any underlying facts and inferences in the most favorable light for the FOIA requester

Exchange Opposes FDIC Stance 

tres enquement

An update in our FOIA litigation against the @FDICgov: today we filed this notice of anticipated motion. In short, the public is entitled by law to every letter the FDIC sent to any financial institution “suggesting” that they indefinitely “pause” crypto-related activities. We…

— paulgrewal.eth (@iampaulgrewal) September 4, 2024

Moving forward, while certain sections of the letters may be omitted, the FDIC is still obligated to release the relevant, non-exempt parts, as they are responsible for providing “reasonably separable” information. On another note, Paul Grewal criticized the SEC for their caution towards FTX distributing stablecoins to creditors

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2024-09-05 03:35