Coinbase, the largest cryptocurrency exchange in the United States, has filed a lawsuit against the Federal Deposit Insurance Corporation (FDIC), accusing it of concealing letters sent to banks demanding that they suspend cryptocurrency operations. In a report submitted on January 17, 2025, History Associates, a company hired by Coinbase, stated that the FDIC had failed to provide at least 150 documents requested under the Freedom of Information Act (FOIA).

The letters, known as "pause letters," contained recommendations to financial institutions to stop servicing cryptocurrency companies until regulatory checks were completed. Coinbase legal director Paul Grewal stated that the FDIC limited the search for emails to a certain period only, which is contrary to the law. The FDIC claims that it has fulfilled its obligations and is considering additional requests separately.  

The case continues to cause public outcry, including statements by Senator Cynthia Lummis about possible criminal consequences for the FDIC if the allegations of information concealment are confirmed.