Coinbase goes after SEC for particulars on value of battle on crypto.
The trade has filed a FOIA request asking for SEC’s paperwork in the course of 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 “battle on crypto.”
Particularly, the crypto trade’s FOIA desires 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 looking for by way of this FOIA request?
The trade desires to understand how 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 instances, secondary transactions, and staking and lending suppliers.
“We all know the earlier SEC’s regulation-by-enforcement strategy value People innovation, international management, and jobs, however how a lot did it value in taxpayer {dollars}? At this time, Coinbase submitted a FOIA request asking the SEC to elucidate how a lot its battle on crypto value 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 value; what number of workers labored on these investigations/enforcement actions – and the way a lot they value; what number of third-party contractors have been utilized in these investigations/enforcement actions – and the way a lot they value,” the Coinbase CLO added in a publish on X.
The request comes amid a current spree of bulletins relating to the SEC’s dropping of a number of crypto instances and investigations. It contains the regulator’s lawsuit towards Coinbase and the crypto trade Gemini.
SEC, underneath a brand new management following Gary Genser’s exit in January 2025, has additionally closed investigations towards Opensea, Robinhood, Uniswap and MetaMask.
Based on Grewal, the FOIA request is all the way down to the necessity for transparency, with American taxpayers having the suitable to know. Coinbase believes the present SEC management will present the knowledge.
