Coinbase Seeks Legal Action Against FDIC for Crypto-Related Documents
Coinbase has taken legal steps to resume its Freedom of Information Act (FOIA) lawsuit against the Federal Deposit Insurance Corporation (FDIC).The cryptocurrency exchange claims the FDIC is not fully cooperating and is withholding vital documents.
This lawsuit aims to access records about the FDIC’s dialog with banks on cryptocurrency activities. It especially focuses on “pause letters” that ordered banks to stop crypto-related services. The case was paused in February 2025 after Travis Hill became the acting FDIC chairman. Hill promised to increase transparency,but Coinbase remains unsatisfied.
Paul Grewal, Coinbase’s Chief Legal Officer, stated that while cooperation has improved, it’s still not enough. The FDIC must respond to Coinbase’s motion within two weeks. The exchange wants to understand the FDIC’s stance on crypto banking.
The FDIC recently announced that banks no longer need prior approval for crypto activities, as long as they manage risks. This change reflects a shift from the previous administration’s cautious approach.
Coinbase’s legal actions are part of a larger effort to uncover evidence of “Operation Chokepoint 2.0.” This alleged coordinated attempt by financial regulators aims to restrict crypto industry access to banking services. Documents suggest the FDIC issued letters to banks, advising them to pause crypto activities, which Coinbase sees as an effort to hinder cryptocurrency innovation.
