Coinbase filed a lawsuit against the SEC and FDIC, accusing them of lack of transparency in information

The exchange claims that the regulators violated the requirements of the Freedom of Information Act. According to the company, their actions are aimed at undermining the digital asset industry.

Coinbase accuses the SEC and FDIC of attempting to "isolate" the crypto industry from the banking system, reports The Block.

The exchange asserts that the regulators do not comply with the norms of the Freedom of Information Act (FOIA), which allows the public to request documents from federal agencies.

Coinbase's interests in this case are represented by the consulting firm History Associates. Two separate lawsuits will be heard by the U.S. District Court for the District of Columbia.

In recent years, Coinbase has been pushing the SEC to develop clear rules for the crypto industry. In July 2022, the company filed a corresponding petition with the Commission, and in April 2023, it turned to the court.

SEC Chairman Gary Gensler rejected Coinbase's claims, stating that existing laws are applicable to the industry. In March, the platform appealed to the appellate court, asking it to require the regulator to develop rules.