Coinbase has filed two FOIA requests with U.S. regulators to uncover details about crypto deposit limits and regulatory interactions.

Coinbase FOIA Requests

Paul Grewal, Coinbase's chief legal officer, announced via X (formerly Twitter) that the company requested information on a 15% limit reportedly set by the Federal Deposit Insurance Corporation (FDIC). This cap restricts the amount of deposits banks can accept from crypto companies and was supposedly implemented without public consultation.

Regulatory Responses

In addition to the deposit cap inquiry, Coinbase has requested records on how the FDIC and other regulatory bodies have responded to previous FOIA filings about cryptocurrencies. The company is concerned about the SEC's classification of Ethereum (ETH) and its staking pools.

Additional Actions by Coinbase

Coinbase has escalated its political advocacy by promoting pro-crypto regulation through its 'Stand with Crypto' campaign and launching a political action committee in 2024. This highlights the company’s commitment to shaping the regulatory environment ahead of the upcoming U.S. presidential election.

Coinbase continues its efforts to ensure transparency and fair regulation for the cryptocurrency sector, striving for clarity and stability.