- Coinbase is suing the SEC and FDIC, claiming their coordinated and destructive actions against the crypto industry.
- Coinbase will use FOIA to obtain internal records regarding the regulatory strategies of the SEC and FDIC.
- Coinbase’s case against the SEC and FDIC is not the first, but it takes regulatory disputes and crypto rights to a new level.
We have long seen the SEC and FDIC fight over crypto regulation. This fight has plagued individual tokens like Bitcoin and Ethereum as well as major crypto exchanges like Binance, Coinbase, and others.
Opinions on this vary, with some believing that crypto regulation is helping it adapt as quickly as possible. In contrast, others believe these bodies want control over a new super-profitable asset type. However, many agree that the never-ending battle over this regulation is not helping the global adoption of crypto.
As the crypto industry grows, bigger players become interested in it, and crypto becomes increasingly influential in the politics and economies of major countries. Crypto can dictate terms and stand up for itself.
Coinbase vs. SEC & FDIC
Coinbase is suing the SEC, and the FDIC is using its wide range of tools to cut them off from the banking sector. This makes it harder for digital asset companies to operate and hurts the entire crypto industry.
It is worth noting that according to their logic, it is a strange situation that the bodies that are supposed to protect the interests of investors act against those interests.
Coinbase defines the SEC and FDIC as sending letters to organizations “pause letters” asking them to cease cryptocurrency-related activities and says this is just part of the overall plan.
Coinbase Response
Coinbase decided not to tolerate another attack and used the Freedom of Information Act (FOIA) to obtain internal records on the regulatory strategies employed by the SEC and FDIC.
This fully legal and fair treatment should not be resisted, so we should keep a close eye on the dynamics of this process, where digital asset companies are starting to assert their rights more and more loudly and confidently.
Conclusion
Digital assets and the companies that work with them are becoming more and more deeply embedded in economic and political processes, becoming one of the main means of investment for entire countries and even an argument in the upcoming American elections.
We can confidently say that no matter how soon crypto gets full and final global adoption, this type of asset will remain with us forever and will play an ever-increasing role.
Their consistent but constructive regulation is becoming more necessary, and cases like this make that clear.
