As a seasoned crypto investor with a decade of experience navigating the wild West of digital assets, I find myself deeply concerned about the ongoing regulatory crackdown against crypto companies by US banks and regulators. The recent moves by Coinbase to file FOIA requests against the FDIC and other US agencies are a testament to the need for transparency and clarity in this rapidly evolving industry.
According to Paul Grewal, the top lawyer at Coinbase, the company has submitted two requests under the Freedom of Information Act (FOIA) to U.S. regulators, seeking details including information about the ongoing investigation into cryptocurrency regulations among American banks.
According to reports, the U.S. Federal Deposit Insurance Corporation (FDIC), which protects bank customers’ deposits, is said to have advised banks to limit deposits coming from cryptocurrency firms to no more than 15% of their overall deposits.
In a recent post on the X platform, Grewal stated that we have submitted two additional Freedom of Information Act (FOIA) requests as part of our ongoing quest to gain insight into how regulatory bodies are handling digital assets, in hopes of achieving some clarity on the matter.
As a researcher, I’ve come across information regarding restrictions set by regulatory bodies like the FDIC and other banking authorities on digital asset deposits for financial institutions, which I found to be an interesting topic.
Coinbase filed a second FOIA request to learn more about how regulators responded to other crypto-related FOIAs in the past, he added.
Under U.S. law, it’s typical for banking regulators to seek public comments before implementing measures like deposit caps. However, according to reports, the FDIC enacted these limits without doing so initially.
Grewal stated that each Freedom of Information Act (FOIA) request stands independently from the previous FOIA filings we made more than a year ago, which have since become subjects of ongoing federal litigation.
In June, Coinbase took legal action against both the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC), claiming they had failed to fulfill earlier demands for transparency regarding public records.
2023 saw Coinbase requesting the Securities and Exchange Commission (SEC) to disclose papers detailing the regulatory body’s categorization of Ethereum (ETH).
In 2023, the Securities and Exchange Commission (SEC) accused Coinbase of breaking securities regulations by providing Ethereum staking services in a manner that was not compliant with relevant laws.
Ethereum’s native token, ETH, is viewed as a commodity by U.S. authorities, however, the regulatory standing regarding ETH staking pools remains unclear.
Additionally, Coinbase submitted Freedom of Information Act (FOIA) requests to the Federal Deposit Insurance Corporation (FDIC), asking for details regarding any correspondence, often referred to as “pause letters,” allegedly sent by the FDIC to banks, requesting them to curb or decelerate the expansion of banking activities related to cryptocurrencies.
As a cryptocurrency analyst, I’ve been actively following the developments of Coinbase’s initiative, “Stand with Crypto,” which champions a balanced approach to digital asset regulation. In March, they took a significant step forward by establishing a Political Action Committee (PAC) aimed at backing pro-crypto political candidates who share their vision for a future where digital assets can thrive responsibly.
In the November U.S. presidential election, the contest is between Donald Trump, the Republican candidate who advocates for making America a leading hub in cryptocurrency, and Kamala Harris, the Democratic nominee who hasn’t made as much noise about the crypto industry.
According to Galaxy Research’s statement on October 14th, U.S. Vice President Harris seems more open towards cryptocurrencies compared to President Joe Biden, yet she is not as supportive of the industry as her predecessor, former President Trump.
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2024-10-21 22:57