Crypto exchange Coinbase has filed two new applications under the Freedom of Expression Act (FOIA) in a bid to gain regulatory clarity on the crypto industry and crypto assets. Paul Grewal, the company’s chief legal officer, explained the details of the applications and gave information about the documents requested to be obtained with each request.
Crypto Deposit Limits
Coinbase’s initial application requests documentation regarding digital asset deposit limits imposed on financial institutions by the Federal Deposit Insurance Corporation (FDIC) and other banking regulators. This application aims to understand the impact of relevant regulations on the crypto industry.
The second application involves obtaining records of how relevant agencies handle other FOIA requests. This request aims to increase the transparency of regulatory processes.
Differences from Previous FOIA Applications
Grewal noted that these new requests are separate from FOIA requests filed a year ago that are now the subject of federal lawsuits. The company emphasized that it will not abandon its efforts to provide regulatory clarity.
“We will continue our efforts to provide clarity to the crypto industry and will take the necessary steps to obtain the necessary documentation.” -Paul Grewal.
These steps by Coinbase are considered an important effort to resolve the industry’s current regulatory uncertainties. The company aims to expand its services as the legal framework for crypto assets becomes clear.
The results of these applications are closely followed in terms of shaping the future of cryptocurrency markets and the regulatory environment. Coinbase’s legal process can also serve as an important example for other crypto companies. Providing regulatory clarity stands out as a critical factor for the long-term sustainability of the crypto industry. These initiatives by Coinbase may encourage other stakeholders in the industry to take similar steps.
As a result, Coinbase’s new filings for regulatory clarity may contribute to the crypto industry achieving a more transparent and understandable legal basis. These developments may encourage other players in the industry to take similar steps and determine the future direction of crypto markets.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
