Coinbase goes after SEC for particulars on price of struggle on crypto.
The trade has filed a FOIA request asking for SEC’s paperwork through the management of former SEC chair Gary Gensler.
Coinbase has filed for a Freedom of Data Act (FOIA) request that seeks an in depth breakdown of what the US Securities and Trade Fee (SEC) spend on its “struggle on crypto.”
Particularly, the crypto trade’s FOIA needs it made public simply how a lot the SEC splashed as a part of its regulation by enforcement strategy to crypto between April 2021 and January 2025.
Coinbase outlines what it seeks in a submitting on Monday, March 3, 2025.
What else is Coinbase in search of through this FOIA request?
The trade needs to know the way a lot the SEC spent on investigations, lawsuits and enforcement unit workers. Per the request, the regulator ought to present the prices concerned because it pursued digital asset associated circumstances, secondary transactions, and staking and lending suppliers.
“We all know the earlier SEC’s regulation-by-enforcement strategy price Individuals innovation, world management, and jobs, however how a lot did it price in taxpayer {dollars}? Immediately, Coinbase submitted a FOIA request asking the SEC to clarify how a lot its struggle on crypto price taxpayers,” Coinbase chief authorized officer Paul Grewal famous.
He added:
“What will we hope to seek out out? What number of investigations and enforcement actions have been introduced – and the way a lot they price; what number of workers labored on these investigations/enforcement actions – and the way a lot they price; what number of third-party contractors have been utilized in these investigations/enforcement actions – and the way a lot they price,” the Coinbase CLO added in a publish on X.
The request comes amid a latest spree of bulletins relating to the SEC’s dropping of a number of crypto circumstances and investigations. It consists of the regulator’s lawsuit in opposition to Coinbase and the crypto trade Gemini.
SEC, beneath a brand new management following Gary Genser’s exit in January 2025, has additionally closed investigations in opposition to Opensea, Robinhood, Uniswap and MetaMask.
In accordance with Grewal, the FOIA request is all the way down to the necessity for transparency, with American taxpayers having the best to know. Coinbase believes the present SEC management will present the data.
