As an experienced crypto investor who has navigated through the tumultuous waters of digital currency markets for over a decade, I find this latest development between Coinbase and the FDIC intriguing. The court’s ruling against the FDIC for making “nuanced redactions” signals a potential shift in the power dynamics between regulators and crypto firms.
In a recent development, Coinbase Global Inc., an American cryptocurrency trading company, has achieved another significant victory over the Federal Deposit Insurance Corporation (FDIC) in their ongoing Freedom of Information Act (FOIA) legal dispute. This latest judgment finds the FDIC at fault for making “subtle edits” or “nuanced redactions,” as the court put it.
Coinbase and FDIC: Where is The Case Heading?
As stated by excerpts from the ruling provided by Paul Grewal, the exchange’s Chief Legal Officer, the Judge expressed that the FDIC had acted unfairly in their redactions. The judge emphasized that the market regulator cannot simply black out all information that is not a preposition.
BREAKING NEWS: Judge Reyes determined that the FDIC failed to carry out the court’s instructions. “The Court expresses concern over what seems like the FDIC’s insufficient attempt at precise redactions. The defendant cannot merely blackout all information that is not an article or preposition.” (Paraphrased)
— paulgrewal.eth (@iampaulgrewal) December 12, 2024
This new ruling comes as Coinbase shared documents last week that exposed the FDIC’s role in the much criticized Operation Chokepoint 2.0.
This is a developing story, please check back for updates!!!
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2024-12-12 22:01