Coinbase wants U.S. banking regulators to release information about an apparent “digital asset deposit limit” they imposed on financial institutions, according to Paul Grewal, the exchange’s chief legal officer (CLO).
Grewal notes that the company has filed a new Freedom of Information Act (FOIA) request with the Federal Deposit Insurance Corporation (FDIC), requesting copies of documents related to “the imposition of a formal or informal limit, limit, ceiling, maximum or other restriction or restraint on digital asset companies’ deposits at depository institutions, including but not limited to Signature Bank, Customers Bank, Cross River Bank, Western Alliance Bank and Silvergate Bank.
The FOIA request requests documents and communications on the subject exchanged between the FDIC and third-party depository institutions, the Board of Governors of the Federal Reserve System, the Treasury’s Office of the Comptroller of the Monet, and members of the press.
Coinbase has also filed a FOIA request with the FDIC for internal logs showing how it handles other FOIA requests.
The top US cryptocurrency exchange is in the midst of multiple legal battles with US regulators: The Securities and Exchange Commission (SEC) sued Coinbase in June 2023 for allegedly violating securities laws, including selling unregistered securities and operating an unregistered -registered stock exchange/brokerage agency.
And in June, the exchange filed a countersuit against the SEC and FDIC, accusing the regulators of acting outside their jurisdiction, trying to “cripple” the crypto industry and avoiding FOIA requests.
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