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Coinbase just dropped some serious heat on the FDIC, aiming to crack open the regulatory black box. On Monday, they unleashed two FOIA requests, forcing the U.S. to cough up details about how it’s quietly boxing in digital assets. This isn’t just another skirmish. Coinbase has been turning up the volume in its crusade for transparency, and the FDIC is their latest target.

Coinbase Wants Answers on Digital Asset Limits

First up, they’re going after docs that show whether the FDIC slapped limits on how much crypto U.S. banks can hold. Allegedly, regulators are keeping a tight leash on bank reserves in Bitcoin and other cryptos, but it’s all been behind closed doors. Now, Coinbase wants that info out in the open.

Paul Grewal, Coinbase’s legal brain, is making it crystal clear they won’t let regulators play keep-away. “So long as the government won’t relent, neither will Coinbase,” Grewal shot out on X. It’s obvious the gloves are off, and they’re going all-in on this FOIA push.

Second FOIA: Let’s See How Deep This Rabbit Hole Goes

But that’s just half of the blitz. Coinbase’s second request wants a peek into the kinds of FOIA requests hitting the FDIC since 2022. Why? Simple. They’re trying to see if the FDIC’s been stiff-arming crypto-related requests from anyone else. If Coinbase can prove the FDIC’s been running interference on the crypto industry, they’ll have a much bigger stick to swing in court.

And this isn’t Coinbase’s first FOIA rodeo. They’ve already squared off with the SEC over hidden crypto docs. The SEC’s been keeping a tight lid on its playbook, saying releasing the papers would mess up their law enforcement ops. Now, with the FDIC in their sights, Coinbase is doubling down on their demand for transparency.

Crypto Chiefs Rallying Behind the Attack

Crypto heads like Caitlin Long, CEO of Custodia Bank, jumped into the ring too. She slammed Biden’s crew for hiding behind regulatory smoke screens, especially with Warren on their side. Long’s rally cry? Justice is coming for the crypto industry. She isn’t the only one getting hyped, either.