Coinbase is calling on US banking regulators to reveal details about a suspected “digital asset deposit cap” they have been enforcing on financial institutions, as stated by Paul Grewal, the exchange’s Chief Legal Officer (CLO).
Grewal mentions that the company has submitted a new Freedom of Information Act (FOIA) request to the Federal Deposit Insurance Corporation (FDIC), seeking copies of documents related to any restrictions on deposits from digital asset companies at depository institutions.
The FOIA request asks for documents and communications exchanged between the FDIC and depository institutions, the Federal Reserve, the Office of the Comptroller of the Currency, and the press on this issue.
Coinbase has also submitted a FOIA request to the FDIC for internal logs showing how they handle other FOIA requests.
The leading US crypto exchange is currently facing legal disputes with regulators, including a lawsuit from the SEC for alleged violations of securities laws and a counter-lawsuit against the SEC and FDIC for overstepping their authority and hindering the crypto industry.
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