Coinbase has initiated legal action against the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC). The lawsuits, filed on June 27, claim that both agencies failed to fulfill Freedom of Information Act (FOIA) requests made to the U.S. District Court for the District of Columbia. These legal actions accuse the SEC and FDIC of trying to exclude the cryptocurrency industry from the banking sector. Coinbase's FOIA requests to the SEC specifically sought information on Ethereum, particularly its transition to a proof-of-stake consensus mechanism. The company also requested records related to Ethereum 2.0 and past investigations involving individuals like Zachary Coburn and Enigma MPC. These lawsuits are part of Coinbase's ongoing conflict with U.S. regulators and highlight the broader debate on how digital assets should be regulated in the country. Read more AI-generated news on: https://app.chaingpt.org/news