According to renowned Fox Business journalist Eleanor Terrett, Coinbase has filed a Freedom of Information Act (FOIA) request seeking details on the U.S. Securities and Exchange Commission’s (SEC) spending related to cryptocurrency enforcement actions under former Chairman Gary Gensler. The request, filed Monday, aims to uncover financial and personnel data tied to non-fraud investigations of the crypto industry.
????NEW: @coinbase is trying to pinpoint exactly how much the @SECGov spent on non-fraud investigations and enforcement actions against the #crypto industry under former chairman Gary Gensler.
Through a Freedom of Information Act (FOIA) request filed this morning, the company says…
Coinbase’s request covers the period from April 17, 2021, to January 20, 2025, and seeks records on SEC investigations and lawsuits concerning digital asset sales, secondary market transactions, staking, and lending. The company is asking for details on the number and names of enforcement actions, hours worked by SEC employees and contractors, and budget allocations for the agency’s Crypto Assets and Cyber Unit.
Paul Grewal, Coinbase’s chief legal officer, said the request will promote transparency and accountability in regulatory oversight. He expressed hope that new SEC leadership would take a different approach to crypto regulation.
SEC Yet to Respond
The SEC has not issued a response to Coinbase’s FOIA request. The agency’s enforcement actions against the crypto industry have drawn criticism from industry participants who argue that the SEC has overstepped its authority. Coinbase itself has been involved in legal disputes with the regulator, including an old protracted lawsuit alleging that the company operates as an unregistered securities exchange.
The FOIA request underscored tensions between cryptocurrency firms and federal regulators under Gary Gensler. It remains unclear whether the SEC will comply with Coinbase’s request or how quickly it will process the filing.
Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence before making any trading or investment decisions.
