Coinbase sues SEC for trying to cripple Bitcoin industry

Coinbase, the largest bitcoin (BTC) and cryptocurrency exchange in the United States, has officially sued the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) for attempting to paralyze the cryptoasset industry.

The lawsuits were filed this Thursday, June 27, before the Washington DC district court. With them, Coinbase wants to have access to the internal records of both regulators and confirm that these institutions are carrying out a “deliberate and concerted effort” to push the companies of Bitcoin outside the federal banking system.

“For years, financial regulators, including the SEC, FDIC, and the Federal Reserve Board, have used every tool at their disposal to try to cripple the digital asset industry. “We demand transparency from our federal government,” explained a Coinbase spokeswoman.

In the lawsuits, Coinbase asserts that the SEC and FDIC They refuse to provide the information they require. And they even point out that the managers of these offices have applied pressure tactics “to suffocate the cryptocurrency industry,” FOX News reports.

As an example, Coinbase mentioned Operation Checkpoint 2.0, a colloquial term referring to a unanimous effort by financial regulators to make it difficult and deny cryptocurrency companies gain access to the banking systemwhich is necessary to survive in the US economy.

According to Coinbase, Regulators Sued They violate transparency laws to hide the impact of its advance against the industry. That is why they seek with the complaints to reveal that these entities apply regulatory overreach. The latter, something that has been constantly questioned by the exchange.

The exchange hopes its lawsuits will help clarify the SEC’s thinking behind the enforcement actions it has waged against companies in the cryptocurrency sector. Among these, Coinbase, to which the regulator accused of selling unregistered securities on its platform, in violation of the Federal Securities Law.

With the Coinbase lawsuit, the legal battle between that company and the SEC intensifies, which has lasted for more than a year. The exchange has publicly expressed its displeasure with the regulator’s actions and recently stated that the SEC “is serious about destroying the cryptocurrency industry.”