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Coinbase Chief Legal Officer Paul Grewal recently disclosed new updates on the ongoing Freedom of Information Act (FOIA) case against the United States Federal Deposit Insurance Corporation (FDIC). Grewal announced that Coinbase submitted a legal brief contesting the FDIC's petition to dismiss the lawsuit.
Details of Coinbase filing
Backtracking, Coinbase filed the lawsuit against the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation in 2024. The firm accused the agencies of deliberately crushing crypto firms out of the financial ecosystem in what is mostly tagged Operation Chokepoint 2.0.
In its latest filing, Coinbase argued that the FDIC is "stonewalling" its efforts to obtain documents. According to Coinbase, these documents could reveal the extent of regulatory actions against the crypto industry during the past administration.
The firm also filed a motion requesting further discovery from the FDIC. Coinbase wants the FDIC to explain its FOIA practices, including why it withholds documents under Exemption 8. Coinbase has also requested that the FDIC explain why it has not produced letters sent to FOIA requesters.
Coinbase argues that the FDIC’s reluctance to provide unredacted documents violates FOIA’s transparency requirements. The firm believes full disclosure is essential to prevent future regulatory overreach and to hold agencies accountable for past actions.
Recent Coinbase expansion
The latest filing from Coinbase comes amid positive developments at the exchange. Notably, Coinbase recently announced a partnership with JPMorgan.
Leveraging this partnership, the top exchange aims to provide three new options for its customers to participate in the cryptocurrency market. Starting in 2026, users can redeem Chase Ultimate Rewards Points for USDC on Coinbase.
In another bold move, Coinbase Derivatives announced the launch of nano perpetual-style futures for XRP and Solana (SOL). Both products will go live on Aug. 18.
The perpetual futures offered by Coinbase, unlike ordinary futures, have no monthly expirations. These are long-dated contracts that will expire only after five years. These new products come after the securities lawsuit levied on the firm was dismissed by the U.S. SEC.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team