FDIC Agrees to Pay Coinbase Around $188,000 in Legal Fees to Settle FOIA Lawsuit

BlockBeats News, February 9th. Previously, a U.S. court ruled that the Federal Deposit Insurance Corporation (FDIC) had violated the federal Freedom of Information Act. The FDIC has now agreed to pay Coinbase $188,440 in legal fees and to completely reform its FOIA policy. It has also reversed its previous position of denying the public release of a crypto-related "hold letter," reaching a settlement on the FOIA lawsuit.

At the same time, the FDIC has committed to policy reforms, including adding provisions to its training materials requiring staff to "broadly interpret" FOIA requests. It has stated that it will not adopt a blanket secrecy policy for all bank supervision documents based on the FOIA's Section 8 exemption clause.