Coinbase announces lawsuit against SEC and FDIC due to Freedom of Information Act dispute

ChainCatcher news, Coinbase announced on Thursday that it will file a lawsuit against the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) after failing to obtain information under the Freedom of Information Act (FOIA).

Coinbase hired the consulting firm History Associates Inc. to submit the FOIA request and filed a lawsuit on Thursday in the U.S. District Court for the District of Columbia, targeting the SEC and FDIC, accusing the federal financial regulators of attempting to sever the ties between the cryptocurrency industry and the banking sector. The FOIA request was made under the Freedom of Information Act, which allows the public to request records from any federal agency.