Crypto Exchange Coinbase Sues SEC and FDIC

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A research firm hired by Coinbase is taking legal action against the US Securities and Exchange Commission (SEC) and a federal banking agency.

The firm, History Associates Inc., claims that the two regulatory bodies have not complied with open-records laws by not releasing documents that could reveal their stance on cryptocurrencies.

Coinbase specifically wants access to formal communications related to three closed cases in which the SEC determined which digital assets qualify as securities. They also want to obtain copies of “pause letters” sent by the Federal Deposit Insurance Corp (FDIC) to financial institutions advising them to halt all crypto activity.

This legal challenge comes just as the SEC announced that it has closed its review of Ethereum 2.0 as a potential security, making it harder for the regulators to reject the document requests related to Ether.

Coinbase is also seeking documents related to two previous cases involving Zachary Coburn’s EtherDelta platform and Enigma MPC, both of which were found to be dealing in unregistered securities.