Ongoing legal battle between Coinbase and FDIC escalates with latest court filing
In the ongoing Freedom of Information Act (FOIA) case between Coinbase and the U.S. Federal Deposit Insurance Corporation (FDIC), the crypto exchange has recently filed an opposition brief challenging the FDIC's use of FOIA Exemption 8 to withhold documents related to crypto oversight.
The lawsuit, originally filed in 2024, accuses the FDIC of suppressing crypto firms, referencing "Operation Chokepoint 2.0" as a regulatory effort to limit crypto participation in the financial system. Coinbase alleges that the FDIC is "stonewalling" access to records, including "pause letters" that the FDIC sent to banks directing them to cease crypto services.
The exchange argues that the FDIC applied blanket exemptions improperly and urges the court to prevent such future FOIA violations by federal agencies. This brief was filed in the U.S. District Court for the District of Columbia through Coinbase’s FOIA agent, History Associates.
Meanwhile, the Securities and Exchange Commission (SEC) case has seen partial resolution earlier in 2025, with both Coinbase and the SEC jointly filing to dismiss the enforcement action. However, the FOIA lawsuit against the FDIC remains active due to the FDIC’s refusal to fully comply with the FOIA requests.
In a separate development, Coinbase Derivatives has launched nano perpetual-style futures for XRP and Solana (SOL), set to go live on Aug. 18. These new products are long-dated contracts without monthly expirations, expiring after five years. The launch follows the dismissal of the securities lawsuit levied on the firm by the U.S. SEC.
Coinbase's CEO has emphasized that the current moment is the most important for the crypto industry. The exchange has also partnered with JPMorgan to provide three new options for customers to participate in the cryptocurrency market.
As the legal battle between Coinbase and the FDIC continues, the exchange is seeking transparency and accountability from the FDIC, insisting on the release of key government records to prevent ongoing obstruction in the crypto regulatory landscape.
[1] Coinbase's FOIA lawsuit against the FDIC: https://www.historyassociates.com/coinbase-files-foia-lawsuit-against-fdic/
[2] Coinbase and SEC joint motion to dismiss enforcement action: https://www.sec.gov/litigation/admin/2025/34-93621.pdf
[3] Coinbase's opposition brief: https://www.historyassociates.com/coinbase-files-opposition-brief-against-fdic/
[4] Coinbase Derivatives announces nano perpetual-style futures for XRP and Solana: https://blog.coinbase.com/coinbase-derivatives-launches-nano-perpetual-style-futures-for-xrp-and-solana/
[5] Coinbase's FOIA agent, History Associates: https://www.historyassociates.com/coinbase-files-foia-lawsuit-against-fdic/
- Coinbase's FOIA lawsuit against the FDIC is seeking transparency and accountability, aiming to prevent ongoing obstruction in the crypto regulatory landscape.
- In the ongoing FOIA lawsuit against the FDIC, Coinbase alleges that the FDIC is withholding documents related to crypto oversight, specifically 'pause letters' sent to banks directing them to cease crypto services.
- As the legal battle between Coinbase and the FDIC continues, the exchange has also ventured into the technology sector, launching nano perpetual-style futures for XRP and Solana, a move that underscores their commitment to the crypto business and finance.
