According to ChainCatcher, Paulgrewal, Chief Legal Officer of Coinbase.eth, posted on the X platform that two lawsuits were filed against the U.S. Securities and Exchange Commission (SEC) and the U.S. Federal Deposit Insurance Corporation (FDIC) today under the Freedom of Information Act. Coinbase asked the SEC to provide documents about closed investigations to understand how the SEC views its newly acquired broad (and illegal) powers. One of the investigations was recently closed, focusing on ETH. The SEC publicly announced in 2018 that ETH was not a security. Other investigations have been closed for many years, but the SEC has previously rejected Coinbase's request.
Coinbase asked the FDIC for letters they sent to financial institutions asking them to "pause" cryptocurrency-related activities indefinitely.
Paulgrewal.eth said that the current regulatory approach is inappropriate and requires financial regulators to do better. He thanked the court for its attention to these important issues and looked forward to sharing the latest progress in the future.