Coinbase’s Chief Legal Officer, Paul Grewal, has sharply criticized the U.S. Federal Deposit Insurance Commission (FDIC) for what he describes as deliberate delays in responding to the exchange’s Freedom of Information Act (FOIA) request. The dispute centers around the FDIC’s alleged involvement in Operation Choke Point 2.0, an initiative aimed at pressuring banks to sever ties with cryptocurrency companies.
The latest development in this ongoing legal battle came in the form of a court filing from the U.S. District Court for the District of Columbia. The FDIC requested an additional 16 days to determine if further delays would be necessary in responding to Coinbase’s request for records. This move follows several missed deadlines by the agency, fueling accusations of delay tactics aimed at obstructing transparency.
In a post on X (formerly Twitter), Grewal condemned the FDIC’s actions, asserting that the agency’s repeated delays and the release of heavily redacted documents showed a clear pattern of resistance to fulfilling FOIA obligations. Coinbase’s lawsuit, filed in February 2024, seeks to uncover the FDIC’s role in discouraging banks from working with cryptocurrency firms, particularly through its involvement in Operation Choke Point 2.0.
The case, which is being represented by History Associates on behalf of Coinbase, has already seen some progress. In response to a court order, the FDIC released a small set of documents, but the information was so heavily redacted that it provided little value to Coinbase’s investigation.
Coinbase’s ongoing battle with the FDIC may set a significant precedent for how government agencies handle FOIA requests from cryptocurrency companies. If successful, Coinbase’s case could push federal agencies toward greater transparency, especially in their dealings with digital asset firms, potentially benefiting the broader cryptocurrency industry.
In addition to its FOIA lawsuit against the FDIC, Coinbase is also involved in a separate legal dispute with the U.S. Securities and Exchange Commission (SEC). The exchange has already scored a victory in the SEC case, with a court ruling that forced the agency to comply with document release orders. On March 28, 2025, Judge Ana Reyes denied the SEC’s request for more time and set a firm deadline of April 11 for the release of key documents related to the SEC’s crypto enforcement efforts.
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