Coinbase Announces Lawsuit Against SEC, FDIC Over Freedom of Information Act Dispute

Coinbase announced Thursday that it will pursue legal action against the Securities Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) after failing to obtain a Freedom of Information Act (FOIA) request. In 2023, Coinbase hired consulting firm HistoryAssociates Incorporated to assist in retrieving records from the SEC and FDIC. History Associates said both requests were denied, and the company is currently suing both agencies in an attempt to force them to turn over documents. In both lawsuits, History Associates is the plaintiff, while Coinbase is listed as a related party.
In July 2023, History Associates filed a FOIA request with the SEC on behalf of Coinbase. According to the complaint, the agency requested documents related to the SEC's "views on the current state of Ethereum and ETH." The SEC denied the request in October 2023, saying they were unable to "locate or identify any information in response to that request," the complaint said. After History Associates appealed the decision, the SEC later said the documents did exist, but they were protected by the exemption rule.