According to TechFlow, The Block reported that Coinbase filed two lawsuits against the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) in the Federal District Court for the District of Columbia on Thursday, accusing these federal financial regulators of failing to comply with Freedom of Information Act (FOIA) requests and attempting to exclude the crypto industry from the banking system.

Coinbase submitted FOIA requests through consulting firm History Associates Inc. to obtain documents from the SEC and FDIC, but these requests were denied. Coinbase accused these agencies of using various regulatory tools to suppress the digital asset industry and asked the court to force them to comply with their information disclosure obligations.