Coinbase’s Chief Legal Officer, Paul Grewal, wrote on X that the FDIC staff “continue to stonewall our efforts” and that these tactics “can’t and won’t stand.”
We also filed a motion to take additional discovery from the FDIC to get to the bottom of their FOIA practices, which as we’ve seen in our case are far from what the law requires. The agency should testify via a 30(b)(6) deposition and produce the letters it sends to FOIA…
Reports have disclosed that internal FDIC policy tells examiners to withhold any document touching on Exemption 8 in full, with “no duty to segregate factual from analytical or deliberative material.”
That narrow scope meant important emails and memos—ones that mention “pause letters” directly—were missed at first.
Banks are now wary of any hint of regulatory risk. If the court orders more sworn testimony, it could shine a light on who really signed off on the “pause letters,” and why examiners thought they had to hide so much.
Featured image from Credit Sesame, chart from TradingView
