The US -based crypto currency exchange Coinbase said that the US Federal Deposit Insurance Institution (FDIC) did not respond to the requests under the law of the right to obtain information (FOIA). The company applied to FOIA to reach the full content of correspondence called “Pause Letter olan, which FDIC sent to banks and calls for crypto services.
Crypto print to banks
Coinbase’s legal team claimed that FDIC’s relevant databases were not fully scanned and that the documents were not kept properly. In order to explain the situation, the company claimed that the institution was inadequate in the process of responding to information requests.
Coinbase’s struggle continues to prove crypto money pressure on banks in court.
Court process and judicial decision
Coinbase, who included History Assocates as a part of the legal process, also requested to be involved in the case against FDIC in January. The relevant law firm claimed that FDIC did not fulfill his commitment to sharing information within the specified time for the response.
In February, the court suspended the FDIC’s response time and launched an informal exchange of information that would take place every two weeks between the parties. This strengthened the allegations that FDIC did not take enough steps against FOIA demands.
Coinbase legal representatives, the institution’s relevant documents are not fully examined and the necessary measures were not taken again. The FDIC’s attitude to presenting a document has not yet become clear.
Paul Grewal (Coinbase’s Chief Legal Counsel) said that some regulatory institutions within the Biden administration of the process are part of the steps to put pressure on the crypto sector.
Paul Grewal: “We argue that Pause Letter is part of the attempt to narrow the crypto sector within the scope of Operation Choke Point 2.0.”
Last month, FDIC shared the censored state of the documents containing the Pause Letters and the correspondence of the relevant institution, which he sent within the scope of the inspection of crypto activities. In order to obtain the full version of these documents, James Comer, President of the Assembly Audit Committee, made an official request to Travis Hill, FDIC temporary president.
While the legal process between the parties continues, the developments regarding the court process and the documents to be obtained are closely monitored. The course of the relevant case is expected to bring new debates on the sector.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
