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A U.S. district court has ruled in favor of Coinbase in its Freedom of Information Act (FOIA) dispute with the Federal Deposit Insurance Corporation (FDIC). The judge criticized the FDIC for its excessive redactions in the release of the so-called 'Pause Letters,' stating that the agency acted in bad faith. The court ordered the FDIC to provide more thoughtful redactions, with a deadline set for January 3, 2024. Judge Ana Reyes expressed concern over the FDIC's lack of good faith in its redaction process, highlighting the need for transparency in communications regarding the crypto industry. This ruling marks a significant victory for Coinbase as it continues to advocate for clearer regulations in the cryptocurrency sector.
The @coinbase legal council make the broader crypto ecosystem better. This moment in time is an opportunity to lift our standards. Build better, intelligent products and weed out scammers. https://t.co/NeMON1fGuC
Sunlight is the best disinfectant. The world is starting to see how the corrupt FDIC played a critical role in the unlawful war on crypto by pressuring banks to debank the crypto industry. https://t.co/NvQ5W4iVkn
🇺🇸 LATEST: Judge slams FDIC’s ‘lack of good-faith’ in censoring crypto letters to banks “The Court is concerned with what appears to be FDICs lack of good-faith effort in making nuanced redactions,” Washington, DC, district court judge Ana Reyes wrote in a Dec. 12 text order. https://t.co/RmiQ0m2r7T
