Coinbase wants US banking regulators to disclose information regarding an apparent “digital asset deposit cap” they’ve been imposing on financial institutions, according to Paul Grewal, the exchange’s chief legal officer (CLO).
Grewal notes the firm filed a new Freedom of Information Act (FOIA) request with the Federal Deposit Insurance Corporation (FDIC), asking for copies of documents related 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.”
The FOIA filing requests documents and communications on the topic that were exchanged between the FDIC and third-party depository institutions, the Board of Governors of the Federal Reserve System, the Treasury’s Office of the Comptroller of the Currency and members of the press.
Coinbase has also filed a FOIA request with the FDIC for internal logs that demonstrate how it is fielding other FOIA requests.
The top US crypto exchange is in the midst of multiple legal battles with US regulators: The Securities and Exchange Commission (SEC) sued Coinbase in June 2023 for allegedly violating securities laws, including selling unregistered securities and operating an unregistered exchange/broker agency.
And in June, the exchange filed a counter-lawsuit against the SEC and the FDIC, accusing the regulators of acting outside their jurisdiction, attempting to “cripple” the crypto industry and avoiding FOIA requests.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
