TechFlow reported on October 22 that Coinbase is seeking documents from the Federal Deposit Insurance Corporation (FDIC) regarding whether banking regulators have privately prohibited depository institutions from holding digital assets.
The first request seeks documents detailing the alleged limits or caps imposed by the FDIC on digital asset holdings for U.S. depository institutions. The request was filed under the Freedom of Information Act (FOIA), which requires U.S. executive agencies like the FDIC to disclose internal information upon public request.
Coinbase's second FOIA request to the FDIC asks for information about the types of FOIA requests submitted to bank regulators since early 2022. Presumably, if the FDIC has rejected a significant number of cryptocurrency-related information requests, this could hold the FDIC accountable. Recipients of FOIA requests may legally deny them based on reasons such as the sensitivity of a particular topic or in the interest of protecting individual privacy.
