FDIC Agrees to Pay Coinbase $188,000 and Overhaul Information Policies to Resolve Lawsuit

FDIC Reaches Settlement with Coinbase

The Federal Deposit Insurance Corporation (FDIC) violated federal disclosure laws, and as part of the settlement, will pay Coinbase $188,440 in legal fees and implement major changes to its information disclosure policies.

Policy Reform Commitments

Under the settlement, the FDIC has committed to overhauling its Freedom of Information Act (FOIA) procedures. Employees will be trained to interpret FOIA requests broadly, and the agency has agreed not to apply a blanket secrecy policy under FOIA Exemption 8 for banking-related documents.

• FDIC will pay $188,440 in legal fees
• Reform disclosure practices
• Abandon prior stance of withholding crypto-related documents