TechFlow news: Coinbase Chief Legal Officer Paul Grewal stated on social media that the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) have filed responses in a Freedom of Information Act (FOIA) lawsuit. Grewal pointed out that the SEC improperly withheld documents from closed investigations—including its investigation into Ethereum 2.0—while the FDIC withheld so-called "cease-and-desist letters" warning banks to stop working with cryptocurrency companies. Notably, both agencies acknowledged that the documents sought by Coinbase do exist, but claimed they have the right to withhold them based on government privileges.
The SEC further confirmed in its response that its investigation into Ethereum 2.0 has concluded. Grewal expects the case will now proceed to a motion for summary judgment—a process that does not involve discovery—and a final ruling may not come until 2025. This development highlights the ongoing transparency disputes between the cryptocurrency industry and regulatory agencies, as well as the legal efforts by companies like Coinbase to obtain critical regulatory information.
