The largest US cryptocurrency exchange, Coinbase, has filed lawsuits against the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) for failing to comply with requests for information in closed crypto cases. 🏛️🔍

Coinbase claims the SEC is claiming blanket control over the growing crypto sector without any basis in securities laws. The exchange also accuses the regulator of working with other financial regulators such as the FDIC to debank crypto companies in an effort to disrupt the digital asset industry.

Coinbase and research firm History Associates demanded that the SEC prove its authority over the crypto space by providing records of three investigations into such companies and entrepreneurs. One of the investigations involves Ethereum's native asset, Ether, which the SEC said in 2018 is not a security.

Meanwhile, the SEC is pursuing a lawsuit against Coinbase, alleging that the company operates an unregistered securities exchange.