FDIC Agrees to Pay Fees, Drop FOIA Fight Over Crypto 'Pause Letters'

In brief

• The FDIC agreed to pay Coinbase $188,440 in legal fees and overhaul FOIA policies following a court ruling that found the agency violated federal disclosure law.
• The settlement concludes a multi-year legal battle that exposed dozens of “pause letters” the FDIC sent to banks ordering them to halt crypto-related activities.
• Under new leadership, the FDIC pledged that it would not categorically withhold all bank supervisory documents.