PANews reported on April 1 that according to Beincrypto, Coinbase asked the District Court for the District of Columbia whether it could resume its previous lawsuit against the Federal Deposit Insurance Corporation (FDIC). Coinbase sued the regulator over Operation Choke Point 2.0 and claimed that the FDIC still refused to provide relevant information. Based on the information currently available, it is difficult to draw a firm conclusion. The FDIC insisted that it had answered the counterparty's questions truthfully, despite delays in the past.
According to Coinbase’s complaint, the FDIC has not provided any new information since late February, and claimed in early March that the exchange’s subsequent requests were “unreasonable and beyond the scope of the investigation.” On the one hand, the FDIC has previously been slow to disclose relevant information in the Coinbase lawsuit. On the other hand, “Operation Choke Point 2.0” has caused great tension in the industry, and there is now a determined group working to significantly weaken the power of relevant regulators. It is difficult to make any conclusive statements until the legal battle continues. The FDIC may have two weeks to respond to Coinbase’s request.
The FDIC plays an important role in U.S. financial regulation, primarily handling banking matters. This made it a key player in Operation Choke Point 2.0, which hindered banks from working with cryptocurrency companies. However, the agency has recently begun to turn in favor of cryptocurrencies, publishing a series of indictment documents and revoking a number of anti-cryptocurrency regulations.