Coinbase has filed a motion in the D.C. District Court to resume its Freedom of Information Act lawsuit against the Federal Deposit Insurance Corporation.
According to the exchange, the Federal Deposit Insurance Corporation (FDIC) continues to withhold important papers and is not completely cooperating with its demands for information.
It is the purpose of this civil action to get records pertaining to the Federal Deposit Insurance Corporation’s (FDIC) discussions with banks regarding cryptocurrency activity, specifically with relation to the so-called “pause letters” that urged banks to halt providing services linked to cryptocurrencies.
The case was first put on hold in February 2025, after President Trump appointed Travis Hill to the position of acting chairman of the Federal Deposit Insurance Corporation (FDIC).
Hill made a commitment to increase the agency’s transparency beyond what is required by the Freedom of Information Act, which raised the possibility that the matter could be addressed outside of court. He told Eleanor Terrett that there is persistent discontent with the FDIC’s transparency.
Paul Grewal, the Chief Legal Officer of Coinbase, said this. Although he admitted that there has been an improvement in cooperation since the new leadership took over, he believes that it is still insufficient.
FDIC and banking
We anticipate that the FDIC will respond to Coinbase’s request within the next two weeks. In a recent announcement, the Federal Deposit Insurance Corporation (FDIC) stated that banks are no longer required to acquire prior approval to engage in legally permissible activities related to cryptocurrencies, provided that they appropriately manage the risks associated with these operations.
As a result of this policy reversal, a substantial shift has occurred from the more cautious posture that the previous administration had on banking services related to cryptocurrencies.
Coinbase’s legal efforts are a part of a larger effort to unearth proof of “Operation Chokepoint 2.0,” which is an alleged coordinated campaign by financial regulators to restrict the access of the cryptocurrency industry to banking services.
The Federal Deposit Insurance Corporation (FDIC) may have issued letters to banks, directing them to halt activity linked to cryptocurrencies, according to documents obtained through prior Freedom of Information Act requests. Coinbase considers such actions as part of a systematic effort to impede cryptocurrency innovation.
