Coinbase has filed lawsuits against the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC), accusing them of not complying with Freedom of Information Act (FOIA) requests related to Ethereum’s transition to proof-of-stake (PoS).
On June 27, Coinbase took legal action against the SEC and FDIC in the U.S. District Court for the District of Columbia. The lawsuits claim that these federal agencies have ignored FOIA requests that Coinbase submitted to obtain information about the regulatory status of Ethereum’s PoS transition.
According to a report from FoxBusiness, Coinbase’s lawsuits argue that the SEC and FDIC are deliberately withholding information, which could have significant implications for the cryptocurrency industry and its interaction with the banking sector. Coinbase alleges that the agencies are trying to isolate the crypto industry from traditional financial services, which could stifle innovation and growth within the sector.
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