According to TechFlow, Paul Grewal, chief legal officer of Coinbase, said on social media that the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) have submitted responses in the Freedom of Information Act (FOIA) lawsuit. Grewal pointed out that the SEC improperly withheld documents from closed investigations (including Ethereum 2.0), while the FDIC withheld "suspension letters" warning banks to stop working with cryptocurrency companies. It is worth noting that both agencies acknowledged that the documents sought by Coinbase do exist, but claimed that they had the right to withhold them based on government privileges.
In its response, the SEC further confirmed that its investigation into Ethereum 2.0 has concluded. Grewal expects summary judgment proceedings (such cases do not involve evidence discovery) to follow, and a final ruling may not be made until 2025. This development shows the ongoing transparency dispute between the cryptocurrency industry and regulators, as well as the legal efforts of companies such as Coinbase to obtain key regulatory information.
