Coinbase goes after SEC for particulars on price of warfare on crypto.
The alternate has filed a FOIA request asking for SEC’s paperwork throughout the management of former SEC chair Gary Gensler.
Coinbase has filed for a Freedom of Info Act (FOIA) request that seeks an in depth breakdown of what the US Securities and Trade Fee (SEC) spend on its “warfare on crypto.”
Particularly, the crypto alternate’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 by way of this FOIA request?
The alternate needs 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 price Individuals innovation, world management, and jobs, however how a lot did it price in taxpayer {dollars}? At this time, Coinbase submitted a FOIA request asking the SEC to elucidate how a lot its warfare on crypto price taxpayers,” Coinbase chief authorized officer Paul Grewal famous.
He added:
“What can we hope to search 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 put up on X.
The request comes amid a current spree of bulletins concerning the SEC’s dropping of a number of crypto instances and investigations. It contains the regulator’s lawsuit in opposition to Coinbase and the crypto alternate 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 response to Grewal, the FOIA request is right down to the necessity for transparency, with American taxpayers having the appropriate to know. Coinbase believes the present SEC management will present the data.
