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Coinbase has filed two new Freedom of Information Act (FOIA) requests to gain regulatory clarity for the crypto industry. The first request aims to obtain documents related to a digital asset cap imposed by the FDIC and other banking regulators, while the second seeks logs on how these agencies hand...
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Coinbase has filed two new Freedom of Information Act (FOIA) requests to gain regulatory clarity for the crypto industry. The first request aims to obtain documents related to a digital asset cap imposed by the FDIC and other banking regulators, while the second seeks logs on how these agencies handle FOIA requests.
The filings are part of Coinbase's ongoing efforts to provide the industry with clarity on how US regulators are approaching digital assets. This move reflects the broader push by US crypto firms, including Ripple, to seek regulatory clarity amidst ongoing battles with regulatory bodies.
Coinbase's Chief Legal Officer (CLO), Paul Grewal, revealed the details of the filings and mentioned the documents they hoped to obtain with each request. The first request was for documents about a digital asset deposit cap that the Federal Deposit Insurance Corporation (FDIC) and other banking regulators had imposed on financial institutions. Meanwhile, the second request is for logs showing how these agencies handle other FOIA requests.
US crypto firms continue to push for clarity from regulators. Alongside Coinbase, Ripple is another crypto firm currently battling with the US Securities and Exchange Commission (SEC) to ensure clarity for the crypto industry and digital assets. Ripple CLO Stuart Alderoty recently revealed the likely outcome of the SEC’s appeal against the crypto firm, stating that the US Second Circuit will most likely affirm Judge Analisa Torres’ ruling and that the best the regulator could hope for is a remand to the lower court.
Coinbase's request for information about the digital asset deposit cap by the FDIC and other banking regulators is significant, as it concerns the alleged crackdown by the Biden administration on the crypto industry through what is famously known as ‘Operation Choke Point.’ The request relates to the imposition of a formal or informal cap, limit, ceiling, maximum, or other restriction or restraint on deposits from digital asset companies at depository institutions, including but not limited to Signature Bank, Customers Bank, Cross River Bank, Western Alliance Bank, and Silvergate Bank, and is related to documents created or transmitted between June 1, 2022, and the date of the request processing.
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Stock: Emeren Group Ltd
Industry: Manufacturing, Semiconductors & Related Devices
Market Cap: 127625000
Headquarters: Stamford, Connecticut
Stock: ReneSola Ltd
Industry: Manufacturing, Semiconductors & Related Devices
Market Cap: 103577000
Change: -0.31
Price: 1.915
% Change: -0.163
Volume: 5.33
RSI: -0.924
Bollinger Bands: -0.112