Coinbase, the largest cryptocurrency exchange in the US, has launched legal actions against the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC). These lawsuits, filed in a Washington, D.C., district court, aim to obtain internal records to uncover what Coinbase alleges as a coordinated effort by regulatory agencies to pressure banks into denying services to crypto firms.

Coinbase's legal offensive asserts that agencies like the SEC, FDIC, and Federal Reserve Board have systematically obstructed the digital asset industry. The exchange seeks transparency and clarity regarding cryptocurrency regulations from the federal government.

This move follows Coinbase's previous attempts to obtain information under the Freedom of Information Act (FOIA) regarding SEC investigations into crypto firms between 2018 and 2024, including Ethereum. The exchange also seeks details on FDIC's "pause letters" to banks, requesting halts on crypto-related activities pending further risk guidance.

Despite legal entitlement under FOIA, Coinbase claims both the SEC and FDIC denied access to this information, prompting these legal actions. This lawsuit against the SEC coincides with increased scrutiny on FOIA compliance, with another recent case brought by the American Securities Association.

Coinbase alleges that the SEC and FDIC have cited similar reasons for denial, including concerns over compromising ongoing investigations. The exchange points to what it terms as "Operation Chokepoint 2.0," likening it to past efforts to restrict crypto access to banking services.

These lawsuits aim to uncover whether SEC and FDIC leadership have coordinated efforts to limit the crypto industry's banking access, amidst inconsistent SEC guidance on applying securities laws to digital assets. While Coinbase hopes for insights into its own SEC case, delays may occur due to FOIA request backlogs.

As Coinbase continues its legal battle, the outcomes could significantly influence crypto regulation transparency and industry dynamics.