Coinbase announced that it will file a lawsuit against the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) for failing to respond to a Freedom of Information Act (FOIA) request filed by Coinbase through consulting firm History Associates Inc., seeking relevant documents.

Coinbase's legal action shows its emphasis on transparency and regulatory response. This move may be to safeguard its legal rights and promote openness and transparency of regulators to the cryptocurrency industry. If successful, this may have a positive impact on other companies in the industry, prompting regulators to handle information requests more transparently.

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