1 day ago · Catch up quick: The case in question is History Associates vs. the FDIC, but the key party is the cryptocurrency exchange Coinbase, which retained History Associates to assist it in asking for copies of documents related to the FDIC ordering banks to pause various activities related to cryptocurrency.

Coinbase is not an FDIC-insured bank and digital currency is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”), the National Credit Union Share Insurance Fund (“NCUSIF”), or Securities Investor Protection Corporation (“SIPC”), and may lose value.

May 6, 2022 · Coinbase is FDIC insured. By using FDIC-insured custodial banks to house a percentage of user deposits, Coinbase achieves “pass-through” coverage from the FDIC, insuring user USD deposits for up to $250,000.

Rather than memorialize such perverse incentives, Coinbase believes the FDIC should refocus the Proposal on improving the recordkeeping practices of those banking entities already subject to its existing authority rather than seek to expand its jurisdiction beyond established statutory limits.

Coinbase’s primary business is to facilitate trading on its platform, and it places deposits at banks only in service of that business. It is not engaged in the business of brokering deposits, much less as its primary purpose.

1 day ago · The Federal Deposit Insurance Corporation (FDIC) has released 790 pages of documents detailing its interactions with banks and financial institutions seeking to offer cryptocurrency services.

Dec 6, 2024 · Crypto banking activity was paused or prevented by the Federal Deposit Insurance Corp. at a large number of U.S. banks in 2022, according to communications pried loose by a research firm hired by...

Dec 11, 2024 · FDIC letters give credence to ‘Choke Point 2.0’ claims: Coinbase CLO The agency asked nearly two dozen banks to pause crypto-related activity in 2022, according to letters unveiled via Coinbase’s FOIA requests.

Jun 27, 2024 · After failing to have Freedom of Information Act (FOIA) requests granted, Coinbase is initiating legal action against the US Securities and Exchange Commission (SEC) …

Nov 2, 2024 · Cryptocurrency exchange Coinbase claims to have uncovered evidence of the FDIC advising banks to “refrain from providing” or “not proceed” with offering crypto banking services.