The Coinbase exchange, which is in litigation with the SEC over whether listed coins are securities sales, has filed another lawsuit against the agency. Like the SEC, Coinbase also sued the FDIC (Federal Deposit Insurance Corporation).

The exchange explained that it had been unable to obtain the information it had requested from the two agencies under the Freedom of Information Act (FOIA) and was therefore forced to file a lawsuit.

Legal counsel Grewal: This is no way to regulate

Paul Grewal, Coinbase’s director of legal affairs, slammed the two institutions in a statement on X and made the following statements:

“Financial regulators have tried many things to block the crypto world. They used various tools. The SEC took many steps under the name of providing authority but did not give us any information. The FDIC pressured many companies to cut ties with the cryptocurrency world. We made many document requests to the SEC to see their perspective on closed investigations, including one in 2018 where they said Ether was not a security. But the SEC never responded to any of our requests. The FDIC has also asked financial institutions to stop their crypto-related activities. We have requested documents on these, but we have not received any response. This is not the way to regulate. This is not government transparency. We had to file a lawsuit”

The Freedom of Information Act, known as FOIA, guarantees the provision of publicly available information by the government and allows the public and companies to request certain information or documents from government agencies.