The Coinbase exchange has filed two lawsuits against the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC), accusing regulators of attempting to cut off the crypto industry from the banking sector and violating the disclosure law.
“For nearly two years, a wide range of financial regulators, including the Securities and Exchange Commission, the FDIC, and the Federal Reserve Board, have used all regulatory tools at their disposal to attempt to destroy the digital assets industry,” states the lawsuit against the FDIC, which the exchange also accuses of “illegal schemes.”
Regarding the SEC, the exchange accuses it of ignoring numerous requests about the regulatory status of the cryptocurrency Ethereum in the U.S., specifically whether ETH transactions are equated to securities transactions.
