According to Coinbase's Chief Legal Officer, Paul Grewal, these requests are part of the company's ongoing efforts to understand how regulatory agencies manage information related to digital assets.

One of the FOIA requests specifically targets documents concerning a digital asset deposit cap imposed by the Federal Deposit Insurance Corporation (FDIC) on financial institutions.

This request aims to clarify an alleged 15% deposit cap that has been imposed on digital asset companies at various banks, including Signature Bank and Silvergate Bank.

Reports suggest that the FDIC has directed banks to limit deposits from cryptocurrency firms to 15% of total deposits without public input, raising concerns about regulatory transparency.

The SEC has been closely monitoring the cryptocurrency sector, leading to claims that regulatory uncertainty is hindering industry growth.

Coinbase has submitted two Freedom of Information Act (FOIA) requests aimed at clarifying the regulatory landscape for cryptocurrencies, distinct from earlier requests made in July 2023.

Coinbase emphasizes the need for the requested logs to be in a text-searchable format to enhance accessibility and transparency.

Additionally, Coinbase has requested information from the FDIC regarding 'pause letters' sent to banks, which allegedly instructed them to limit crypto-related banking activities.

The second FOIA request seeks logs from the FDIC and the Office of the Comptroller of the Currency (OCC) regarding their handling of FOIA requests from January 1, 2022, to October 1, 2024.

This second request is intended to investigate how regulators have previously responded to other crypto-related FOIA submissions.

Despite these regulatory challenges, some experts suggest that Coinbase may benefit from the current hostile regulatory environment, potentially creating a competitive advantage.

Coinbase's FOIA filings coincide with its motion for partial summary judgment in its lawsuit against the SEC, seeking the release of internal documents related to the agency's crypto enforcement strategies.