tl;dr
Coinbase has asked a DC District Court to resume its lawsuit against the FDIC, alleging that the regulator has stopped sharing relevant information related to Operation Choke Point 2.0. Despite recent cooperation from the FDIC, Coinbase claims that the sharing of information ceased weeks ago. The FD...
Coinbase seeks to resume lawsuit against FDIC over Operation Choke Point 2.0. The FDIC is accused of withholding information, leading Coinbase to request legal action. Despite recent cooperation from the FDIC, Coinbase claims that the sharing of information ceased weeks ago, and uncertainty persists as the legal battle continues.
Coinbase has asked a DC District Court to resume its lawsuit against the FDIC, alleging that the regulator has stopped sharing relevant information related to Operation Choke Point 2.0. The FDIC will likely have two weeks to respond to Coinbase's request. This legal battle has implications for the crypto industry and regulatory bodies involved, but definitive conclusions are difficult to draw at this time.
Coinbase sued the regulator over Operation Choke Point 2.0 and claimed that it’s still refusing to release relevant information. The FDIC, primarily dealing with banks, played a significant role in hampering banks’ ability to deal with crypto businesses. However, it recently started a pro-crypto turn, releasing documents and revoking anti-crypto statutes.
Grewal, Coinbase’s Chief Legal Officer, stated, “We’re asking the Court to resume our lawsuit because the FDIC has unfortunately stopped sharing information. While we would have loved to resolve this outside of the legal system and we do appreciate the increased cooperation we’ve seen from the new FDIC leadership, we still have a ways to go." The FDIC has shown delays in the past in making relevant disclosures in the Coinbase lawsuit.
Until the legal battle continues, it’ll be difficult to make any definitive statements. The FDIC will likely have two weeks to respond to Coinbase’s request.