Coinbase seeks internal documents from FDIC to clarify how it handles digital assets

Coinbase filed multiple legal requests with the Federal Deposit Insurance Commission (FDIC) on Monday, seeking internal documents from it. The first request concerns documents detailing the caps or limits on the amount of digital assets allowed to be held, which the FDIC has allegedly imposed on U.S. depository institutions. The request was filed under the Freedom of Information Act (FOIA), which requires U.S. enforcement agencies such as the FDIC to disclose internal information when requested by the public. The second request involves providing information about the types of FOIA requests submitted to the FDIC since the beginning of 2022. It is reported that recipients of FOIA requests can legally deny these requests for specific reasons, including the sensitive nature of specific topics, or in the name of respecting personal privacy. Coinbase Chief Legal Officer Paul Grewal said in a post on X: "We have submitted two new FOIA requests to continue our efforts to figure out how regulators are dealing with digital assets. In short, as long as the government does not relax, Coinbase will not relax." (Decrypt)