Crypto exchange Coinbase filed two lawsuits against the U.S. Securities and Exchange Commission and the Federal Deposit Insurance Corporation for not complying with Freedom of Information Act requests and has asked a court to force those agencies to comply.
History Associates specifically asked for "access to all copies and records concerning Ethereum's shift to a proof-of-stake consensus mechanism," and said that the SEC denied the request and later denied their appeal. "The SEC’s rationale for withholding documents from investigations that concluded in settlements years ago is tailor-made to frustrate the legitimate purposes for which Coinbase sought the Coburn and Enigma MPC documents in the first place — to understand the view of the law that underlies the SEC’s enforcement blitzkrieg against the digital-asset industry," Coinbase said in the complaint. "The SEC’s stonewalling violates its FOIA obligations.
Coinbase first asked the SEC to issue a formal rulemaking process to "provide guidance for the crypto industry" in July 2022. Although the SEC has not introduced crypto-specific regulations, it has proposed rules in the past year that apply to crypto. For instance, the SEC revisited a custody rule, mandating that registered investment advisors store crypto with a qualified custodian, who must adhere to specific requirements.
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