🚀Coinbase is back in the legal ring with U.S. regulators, seeking transparency on how digital tokens are classified as securities. The crypto exchange, via contractor History Associates, is suing the SEC and FDIC for allegedly withholding documents that could illuminate their stance on cryptocurrencies.💡

Coinbase wants access to written communications from three closed cases to understand how the SEC determines which digital assets qualify as securities, including Ethereum's ether. They're also after copies of the FDIC's "pause letters" sent to financial firms advising a halt on crypto activities. 🛑

This legal challenge comes hot on the heels of the SEC reportedly closing its review of "Ethereum 2.0" as a potential security, making it harder for the agency to reject document requests related to ether. Coinbase is also seeking documents from two settled digital assets cases.

Coinbase's Chief Legal Officer, Paul Grewal, expressed frustration with the SEC's refusal to provide documents, citing the agency's "exemption 7A" - a protection against revealing matters that could undermine law enforcement efforts.

The lawsuits add to the growing list of legal battles between Coinbase and U.S. financial regulators, including a high-profile court case over accusations that Coinbase operates an illegal exchange trading unregistered securities.

What's your take on this? Do you think Coinbase's legal challenges will bring about more transparency in the crypto space? Let's discuss! 🗣️ #crypto #blockchain #Coinbase #SEC #FDIC