Coinbase Fights FDIC Over Hidden Crypto ‘Pause Letters’
Main Idea
Coinbase is challenging the FDIC in court over undisclosed 'pause letters' sent to banks, which allegedly asked them to halt services tied to cryptocurrencies, and is seeking transparency under the Freedom of Information Act (FOIA).
Key Points
1. Coinbase filed a court request on July 29, 2025, to reject the FDIC's dismissal of its lawsuit under FOIA, aiming to access 'pause letters' sent to banks.
2. The FDIC allegedly made it difficult for Coinbase to obtain these records, using broad FOIA interpretations to avoid document-by-document review.
3. Coinbase's Chief Legal Officer, Paul Grewal, accused the FDIC of withholding records despite court orders to release them.
4. The dispute highlights tensions between crypto firms and regulators over transparency and access to banking services.
Description
Coinbase has accused the Federal Deposit Insurance Corporation (FDIC) of continuing to hold back important records , despite being told by the court to release them.
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