Coinbase filed two new Freedom of Information Act (FOIA) requests on Oct. 18, seeking regulatory clarity for crypto in the US.
The new requests are directed at the Federal Deposit Insurance Corporation (FDIC) and were filed by History Associates Incorporated on behalf of the exchange.
Coinbase chief legal officer Paul Grewal said one of the requests is to clarify a 15% deposit cap allegedly imposed on digital asset companies. The request claims that the 15% deposit cap was imposed on banks such as Signature Bank, Customers Bank, Cross River Bank, Western Alliance Bank, and Silvergate Bank.
Among the documents requested are interactions dating back to June 1, 2022, among FDIC board members, staff, depository institutions, and officials from the Federal Reserve and the Treasury’s Office of the Comptroller of the Currency (OCC).
Notably, should the FDIC invoke any FOIA exemptions or withhold relevant information, Coinbase has asked for a detailed explanation of the reasons for non-disclosure.
Agencies and FOIA requests
The second request is related to understanding how regulatory agencies have handled FOIA requests. The exchange has requested FDIC and OCC FOIA logs from Jan. 1, 2022, to Oct. 1.
The request specifies that these logs be provided in a text-searchable format, emphasizing the importance of ease of access and transparency in processing these documents.
By tracking the flow of FOIA requests, Coinbase aims to understand the agencies’ approach to releasing — or withholding — information, particularly any that might relate to digital asset regulations.
While this particular request does not directly seek details about regulatory decisions, it demonstrates the exchange’s focus on clarifying the administrative processes behind those decisions.
By asking for FOIA logs, Coinbase can track patterns in regulators’ responses to inquiries, potentially identifying trends that could reveal how crypto-related information is managed by financial watchdogs.
Custodia Bank CEO Caitlyn Long stated that federal banking regulators’ “lawlessness” toward US banks that have crypto companies as
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Author: Gino Matos
