New FOIA Request Filed by Coinbase
Recently, Coinbase made headlines by filing a Freedom of Information Act (FOIA) request aimed at shedding light on the cost of the US Securities and Exchange Commission’s (SEC) “war on crypto.” The request specifically seeks to uncover the expenses incurred by the SEC during its regulation by enforcement approach to crypto from April 2021 to January 2025.
Details of the FOIA Request
- Coinbase wants a breakdown of the SEC’s expenses related to investigations, lawsuits, and enforcement unit employees.
- The exchange is interested in knowing the costs associated with the SEC’s pursuit of digital asset-related cases, secondary transactions, and staking and lending providers.
- Paul Grewal, Coinbase’s chief legal officer, highlighted the need for transparency and accountability in government spending.
Objectives of the FOIA Request
Through the FOIA request, Coinbase aims to uncover crucial information such as:
- The number of investigations and enforcement actions initiated by the SEC and their respective costs.
- The allocation of resources, including employees and third-party contractors, for these investigations and enforcement actions.
Recent Developments and Context
The filing of this FOIA request comes at a time when the SEC, under new leadership post-Gary Gensler’s departure, has been dropping multiple crypto-related cases and investigations. Notable closures include suits against Coinbase, Gemini, Opensea, Robinhood, Uniswap, and MetaMask.
Transparency and Accountability
Coinbase’s proactive approach in seeking transparency regarding government expenditures reflects a commitment to accountability and ensuring that taxpayer dollars are utilized effectively. The exchange remains optimistic that the current SEC leadership will provide the requested information, allowing for greater insight into the regulatory landscape surrounding cryptocurrencies.
