Coinbase asked a DC district court if he could resume his former trial against the FDIC. Coinbase continued this regulator on Operation Choke Point 2.0 and said it always refused to disclose relevant information.
Based on the information available so far, it is difficult to draw final conclusions. The FDIC maintains that he answered questions from his opponents, although she has shown delays in the past.
Coinbase vs la fdic
Coinbase, one of the greatest exchanges of cryptography in the world, was fighting with the FDIC. The company has been pursuing the FDIC on Operation Choke Point 2.0 for months now and has obtained impressive results. Despite this, however, Coinbase asked the DC district court to resume its dispute against the regulator:
“We ask the court to resume our trial because the FDIC unfortunately ceased to share information. Although we would have loved to solve this problem outside the legal system – and we appreciate the increase in the cooperation we have seen by the new FDIC management – we still have a long way to go, “said Paul Grewal, in chief legal responsibility of Coinbase.
The FDIC has an important role in American financial regulations, mainly dealing with banks. This gave him a main role in Operation Choke Point 2.0, hindering the capacity of banks to face cryptographic companies. However, he recently started a Pro-Crypto tour, releasing tranches of incriminating documents and revoking several of his anti-Crypto statutes.
Grewal said that he had “appreciated the increase in cooperation” of the FDIC, but that cooperation stopped weeks ago. According to the Coinbase file, the FDIC has not sent any new information since the end of February and said in early March that the subsequent requests for the exchange were “unreasonable and beyond the scope of the discovery”.
On the one hand, the FDIC has already been slow to make relevant disclosure in the Coinbase trial. On the other hand, Operation Choke Point 2.0 has sparked significant tension within the industry, and a determined group now aims to considerably weaken the regulatory organizations involved.
Until the legal battle continues, it will be difficult to make final statements. The FDIC probably will have two weeks to meet the demand for Coinbase.
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