Coinbase vs. FDIC: The Epic Saga of Delays and Redactions! 🥳

So, here we are, folks. Coinbase’s Chief Legal Officer, Paul Grewal, has decided to grace us with an update on the ongoing Freedom of Information Act (FOIA) lawsuit against the US Federal Deposit Insurance Commission (FDIC). You know, the agency that seems to think “timeliness” is just a suggestion. 🙄

Coinbase Versus FDIC: What is New?

In a recent court filing that could only be described as riveting (if you’re into watching paint dry), the FDIC requested an additional 16 days to decide if it needed even more time to respond to Coinbase’s FOIA request. Yes, you heard that right—16 days to ponder the existential question of whether they should respond. It’s like waiting for a sloth to finish a marathon.

This delightful little drama is part of History Associates’ lawsuit against the FDIC on behalf of Coinbase, which is demanding records about the FDIC’s alleged role in discouraging banks from working with cryptocurrency companies. Because who doesn’t love a good conspiracy theory? 🕵️‍♂️

Grewal, in a post on X (formerly Twitter, because rebranding is all the rage), didn’t hold back. He called the FDIC’s request for more time “unacceptable.” I mean, who knew lawyers could be so spicy? 🔥

According to the recent court document, Grewal and his partner in legal shenanigans, Jonathan C. Bond, pointed out that the FDIC’s behavior is like a bad sitcom—full of delays and resistance. They even mentioned that the documents released were so heavily redacted that they might as well have been blank pages. Thanks for nothing, FDIC!

This whole mess follows Coinbase’s earlier complaints about the FDIC’s refusal to cooperate regarding records related to Operation Choke Point 2.0. Sounds ominous, doesn’t it? Like a bad horror movie where the villain is just a bureaucrat in a suit.

Oh, and did I mention this lawsuit was filed back in February 2024? Since then, Coinbase has been waving its arms like a frantic lifeguard, claiming the FDIC’s actions are a blatant violation of FOIA transparency rules. Someone get this man a whistle!

Victory Over FDIC and Implications

In a plot twist worthy of a daytime soap opera, Coinbase has actually scored a significant victory in this ongoing saga. A court order has demanded the FDIC release the requested documents, which they complied with—sort of. It’s like getting a half-baked cake for your birthday. 🎂

On March 15, 2025, Coinbase raised a ruckus about how the FDIC handled its FOIA request concerning Operation Choke Point 2.0. The few documents that were handed over were so redacted they could have been used as a black-out poetry project.

This case could set a precedent for how government agencies respond to future FOIA requests from companies in the crypto space. If Coinbase wins, it might just force federal agencies to be a tad more open with their dealings. Imagine that—a government agency actually being transparent! What a world! 🌍

Coinbase Exchange and the US SEC

And just when you thought the drama couldn’t get any juicier, let’s not forget that Coinbase is also embroiled in a separate FOIA dispute with the United States Securities and Exchange Commission. Because why not add more chaos to the mix?

As reported earlier by CoinGape (yes, that’s a real source), the top crypto exchange managed to snag a win in this case as the court warned the SEC of possible sanctions. On March 28, 2025, Judge Ana Reyes denied the SEC’s request for more time and ordered it to meet an April 11 deadline to release key documents. Talk about a ticking clock! ⏰

Coinbase’s demands hinge on uncovering the financial records spent by the SEC in its crypto crackdowns. Because if there’s one thing we love, it’s a good old-fashioned financial audit. Who doesn’t want to see where the money goes?

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2025-04-10 20:53