Coinbase needs US banking regulators to reveal data concerning an obvious “digital asset deposit cap” they’ve been imposing on monetary establishments, in line with Paul Grewal, the change’s chief authorized officer (CLO).
Grewal notes the agency filed a brand new Freedom of Data Act (FOIA) request with the Federal Deposit Insurance coverage Company (FDIC), asking for copies of paperwork associated to “the imposition of a proper or casual cap, restrict, ceiling, most, or different restriction or restraint on deposits from digital asset firms at depository establishments, together with however not restricted to Signature Financial institution, Prospects Financial institution, Cross River Financial institution, Western Alliance Financial institution, and Silvergate Financial institution.”
The FOIA submitting requests paperwork and communications on the subject that had been exchanged between the FDIC and third-party depository establishments, the Board of Governors of the Federal Reserve System, the Treasury’s Workplace of the Comptroller of the Foreign money and members of the press.
Coinbase has additionally filed a FOIA request with the FDIC for inner logs that display how it’s fielding different FOIA requests.
The highest US crypto change is within the midst of multiple legal battles with US regulators: The Securities and Alternate Fee (SEC) sued Coinbase in June 2023 for allegedly violating securities legal guidelines, together with promoting unregistered securities and working an unregistered change/dealer company.
And in June, the change filed a counter-lawsuit towards the SEC and the FDIC, accusing the regulators of appearing exterior their jurisdiction, making an attempt to “cripple” the crypto business and avoiding FOIA requests.
Do not Miss a Beat – Subscribe to get e mail alerts delivered on to your inbox
Examine Price Action
Observe us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Each day Hodl usually are not funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual danger, and any losses you might incur are your accountability. The Each day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Each day Hodl an funding advisor. Please notice that The Each day Hodl participates in online marketing.
Generated Picture: Midjourney
