SEC Settles Coinbase FOIA Suit as Minority Banks Merge

The US Securities and Exchange Commission (SEC) has settled a Freedom of Information Act (FOIA) lawsuit brought by Coinbase, agreeing to update its record retention policies. The settlement comes after the SEC lost communications from the previous administration related to crypto enforcement decisions.

Coinbase General Counsel Molly Abraham stated that these settlements are 'testaments to what our industry had to endure for years, an uphill battle for fair treatment from regulators.'

In another development, Optus Financial in Columbia, South Carolina, is set to merge with M&F Bancorp in Durham, North Carolina, in a deal worth over $105 million. The merged entity will have over $1.27 billion in assets and become one of the largest Black banks in the US.