Cryptocurrency exchange Coinbase has filed lawsuits against the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) in the U.S. District Court for the District of Columbia. The exchange claims that these federal agencies have failed to comply with Freedom of Information Act (FOIA) requests and are using regulatory measures to hinder the growth of the crypto industry by cutting off its access to banking services.

Coinbase, through its consulting firm History Associates Inc., has submitted FOIA requests to the SEC seeking information on the agency's stance on Ethereum (ETH) and its investigation into "Ethereum 2.0". The SEC denied these requests, citing potential harm to ongoing enforcement actions. However, Coinbase argues that the SEC's rationale for withholding documents from closed investigations is a violation of its FOIA obligations.

Additionally, History Associates requested information on the FDIC's "pause letters" sent to financial institutions, advising them to halt their expansion into crypto-related activities. The FDIC denied these requests, stating that disclosing the letters would reveal information about the particular banks involved. Coinbase contends that these "pause letters" were part of a broader strategy to isolate cryptocurrency firms from the banking sector.

The lawsuits aim to push back against what Coinbase perceives as a coordinated effort by the SEC and FDIC to hinder the cryptocurrency industry through excessive regulation and lack of transparency. Coinbase's Chief Legal Officer, Paul Grewal, has expressed concerns over the regulators' actions, accusing them of attempting to cripple the digital-asset industry without offering clear and consistent rules.

These lawsuits are the latest in a series of legal battles between Coinbase and U.S. financial regulators. The exchange is currently involved in three separate legal disputes with the SEC, including a lawsuit over the agency's accusations that Coinbase operates an illegal exchange trading unregistered securities.