{"id":82874,"date":"2024-06-28T06:44:16","date_gmt":"2024-06-28T10:44:16","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=82874"},"modified":"2024-06-28T06:49:32","modified_gmt":"2024-06-28T10:49:32","slug":"history-associates-coinbase-join-forces-in-fdic-lawsuit","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/history-associates-coinbase-join-forces-in-fdic-lawsuit\/","title":{"rendered":"History Associates, Coinbase Join Forces in FDIC Lawsuit"},"content":{"rendered":"\n

Coinbase and History Associates have partnered in the US FDIC <\/a>lawsuit to compel them to comply with a Freedom of Information Act (FOIA) request.<\/p>\n\n\n\n

\"History
History Associates, Coinbase Join Forces in FDIC Lawsuit<\/figcaption><\/figure>\n\n\n\n

The petition, as stated in a legal document filed on June 27, is in response to the Federal Deposit Insurance Corporation (FDIC) decision to withhold documents known as “pause letters.” <\/p>\n\n\n\n

These letters, which the agency's inspector general purportedly sent to financial institutions, were intended to instruct them to cease cryptocurrency-related activities.<\/p>\n\n\n\n

The FDIC denied the FOIA request that Coinbase submitted through History Associates Incorporated. Consequently, History Associates is pursuing legal action to compel the FDIC to disclose the requested records.<\/p>\n\n\n\n

About the Lawsuit<\/h2>\n\n\n\n

The complaint alleges that the letters instructing financial firms to suspend digital asset activities are a tactical move by the FDIC and other financial regulators to coerce financial institutions into isolating digital asset businesses from the banking system.<\/p>\n\n\n\n

History Associates\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> says this situation resembles an initiative called “Operation Choke Point.” Operation Choke Point was a contentious initiative in which financial regulators pressured banks to sever ties with specific industries, such as payday lenders.<\/p>\n\n\n\n

Nevertheless, the Freedom of Information Act (FOIA) requires federal agencies to disclose requested information unless it is exempt from disclosure. Agencies must also provide non-exempt portions of records, even if certain portions are exempt.<\/p>\n\n\n\n

\"Suit
Suit\u00a0forcing the FDIC to release the Pause Letters and other related documents. Source: Coinbase<\/em><\/figcaption><\/figure>\n\n\n\n

Nevertheless, the FDIC declined to disclose the “Pause Letters,” citing exemptions related to trade secrets and examination materials without a detailed justification.<\/p>\n\n\n\n

The primary objective is to compel the FDIC to release the Pause Letters and other pertinent documents, which will disclose the extent and nature of the FDIC's actions against the digital asset industry<\/a>.<\/p>\n\n\n\n

Additionally, the History Associates lawsuit targets the FDIC and other regulatory agencies to ensure transparency in their regulatory practices and to hold them accountable for their actions.<\/p>\n\n\n\n

Coinbase's Regulatory Disputes<\/h2>\n\n\n\n

Coinbase is involved in a separate legal dispute with the U.S. Securities Exchange Commission (SEC), which has accused the company of operating an illegal exchange that trades unregistered securities.<\/p>\n\n\n\n

Nevertheless, a litigation analyst, Elliott Stein, predicted that the cryptocurrency exchange would have a low probability of succeeding in its lawsuit against the SEC.<\/p>\n","protected":false},"excerpt":{"rendered":"

Coinbase and History Associates have partnered in the US FDIC lawsuit to compel them to comply with a Freedom of Information Act (FOIA) request. The petition, as stated in a legal document filed on June 27, is in response to the Federal Deposit Insurance Corporation (FDIC) decision to withhold documents known as “pause letters.” These […]<\/p>\n","protected":false},"author":12,"featured_media":82887,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[150,4301,20268,1727],"class_list":["post-82874","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-coinbase","tag-fdic","tag-history-associates","tag-lawsuit"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/06\/image-138.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/82874","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=82874"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/82874\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/82887"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=82874"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=82874"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=82874"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}