Coinbase, a major cryptocurrency exchange, is accusing the Federal Deposit Insurance Corporation (FDIC) of stonewalling its requests for information under the Freedom of Information Act (FOIA). Coinbase believes the FDIC is hiding evidence of what it calls “Operation Choke Point 2.0,” an alleged government effort to suppress the crypto industry.
The Fight for Information
The heart of the dispute centers around “pause letters.” These are letters the FDIC allegedly sent to banks, urging them to cut ties with cryptocurrency companies. Coinbase argues these letters are proof of government overreach. To get this evidence, Coinbase filed a FOIA request, but claims the FDIC hasn’t been forthcoming.
Court Intervention
Coinbase’s legal team, including the law firm History Associates, went to federal court to force the FDIC’s hand. Initially, the court tried a more informal approach, giving both sides time to share information. However, that didn’t work.
Accusations of Non-Cooperation
In a recent court filing, History Associates stated the FDIC is refusing to cooperate fully with the FOIA request. They allege the FDIC isn’t properly searching for documents and isn’t preserving relevant ones. As a result, Coinbase is pushing for the court case to move forward.
Some Documents Released, But Not Enough
The FDIC has released some redacted documents related to its dealings with crypto companies, including some pause letters. However, this hasn’t satisfied Coinbase or the House Oversight Committee, which has also requested unredacted copies. The legal battle continues.
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