According to Blockworks, Coinbase announced on Thursday that it is filing lawsuits against the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) for failing to grant Freedom of Information Act (FOIA) requests. In 2023, Coinbase hired consulting firm History Associates Incorporated to assist in obtaining records from these two agencies, but the requests were denied. History Associates subsequently filed a lawsuit on behalf of Coinbase, demanding that the SEC and FDIC turn over the relevant documents.
In the lawsuit, History Associates is the plaintiff, while Coinbase is involved as a party of interest. Previously, History Associates submitted a FOIA request on behalf of Coinbase to the SEC, seeking documents regarding the SEC’s views on “Ethereum and ETH status.” However, the SEC rejected this request in October 2023, stating that it could not locate or identify the relevant information. Despite the SEC acknowledging the existence of the documents after History Associates appealed, they claimed that they were protected by exemption rules. Coinbase and History Associates argue that the exemption clauses do not apply and are seeking a court order to compel the SEC to disclose these documents. They are also seeking investigation files related to Enigma MPC and Etherdelta founder Zachary Coburn in another FOIA request, which was also denied. Both parties have received cease and desist orders for alleged violations of securities laws.
The lawsuit emphasizes that the SEC’s refusal to provide settlement documents from several years ago hinders Coinbase from understanding the SEC’s legal perspectives on enforcement actions in the digital asset industry, which violates its FOIA obligations.
Note: All articles published by Bitpush only represent the author’s views and do not constitute investment advice.