Crypto exchange Coinbase (COIN🧜) sued U.S. financial regulators Thursday, saying they failed to disclose information about past investigations🉐 into the cryptocurrency market and attempted to block the crypto industry from access to banking services.

Coinbase, partnering with consultancy firm History Associates Inc., filed lawsuits Thursday in the U.S. District Court for the District of Columbia against the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corp. (FDIC), also accusing the agencies of withholding crucial information and not responding to Coinbase's Freedom of Information Act (FOIA) requests.

Agencies Accused of Stifling Crypto Industry

The complaints allege that regulators, including the SEC, FDIC, and the 澳洲幸运5官方开奖结果体彩网:Federal Reserve Board, have used various tools to stifle ♔the digital-asset industry for nearly two years.

The unanswered FOIA requests sought information on the SEC's view of Ethereum's transition to a proof-of-stake consensus mechanism, as well as details from closed investigations into individuals and entities associated with the crypto market, according to the complaints. The SEC's denials of these documents, which have been refused citing potential harm to active enforcement proceedings, have been criticized by Coinbase as obstructive and contrary to FOIA’s intent.

"Financial regulators have used multiple tools at their disposal to try to cripple the 澳洲幸运5官方开奖结果体彩网:digital-asset industry," Coinbase Chief Legal Officer Paul Grewal posted Thursday on X. "@SECGov has claimed sweeping authority, but refuses to provide any rules, let alone consistent or coherent ones. While @FDICgov pressured financial institutions to cut off the industry from the banking system."

Coinbase's complaint against the FDIC also addresses🅰 "pause letters" sent to financial institutions the FDIC superv🍃ises, which allegedly aimed to halt crypto-related activities, framing the letters as part of a broader scheme to isolate digital-asset firms from banking services.

Cases Follow SEC Suit Against Coinbase

澳ꦯ洲幸运5官方开奖结果体彩网:The SEC has an open lawsu𓃲it against Coinbase related to the alleged operation of an unregistered securities exchange. Coinbase has claimed the SEC has been unwilling to work with the crypto industry on providing 澳洲幸运5官方开奖结果体彩网:regulatory clarity, while SEC Chair Gary Gensler has 澳洲幸运5官方开奖结果体彩网:maintained that crypto asse🅘ts are regulated under e𝔉xisting securities laws.

澳洲幸运5官方开奖结果体彩网:🌞Coinbase CEO Brian Armstrong last year🔯 said the exchange may need to move away from th🃏e U.S. to protect its🐽 business.

While the SEC has taken several actions against the crypto industry over the past couple of years, there have been recent signs of a less-antagonistic approach. Last month, spot ether exchange-traded funds (ETFs) were 澳洲幸运5官方开奖结果体彩网:approved for listing in a surprise move by the SEC. This week the regulator's 澳洲幸运5官方开奖结果体彩网:Ethereum 2.0 investigation closed with no charges filed againstও blockchain tech𒁃nology firm Consensys.

Shares of Coinbase ros🌼e more than 4% on Thursday.