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Crypto trading platform Coinbase Global Inc. has filed a Freedom of Information Act (FOIA) request as it seeks to uncover how much the U.S. Securities and Exchange Commission (SEC) spent on its crypto enforcement actions in the previous administration. Spotlighted by Paul Grewal, the exchange’s Chief Legal Officer said the request is comprehensive and would shed light on how much the crypto litigation cost taxpayers.
Coinbase FOIA demands
As Paul Grewal stated in his post on X, the trading platform wants to find out how many investigations and enforcement actions were brought and how much they cost. It also hopes to find out how many of its employees worked on these cases and how much they cost.
Gamza KhanzadaevIn addition, the trading platform said it wants insight into the now-suspended "Crypto Assets and Cyber Unit" within the Enforcement Division. The exact inquiries include the budget of this unit, the employees who worked there and other key operational details.
This is not the first time Coinbase has filed a FOIA request with American agencies. The trading firm once filed a related request, in which it uncovered Operation Chokepoint 2.0 activities within the Federal Deposit Insurance Commission (FDIC).
Based on this record, the Coinbase CLO said the demands might take time but that the exchange is committed to its course.
SEC enforcement now old affair
With the emergence of a new SEC chairman, Mark Uyeda, the market regulator has dropped many of its long-standing crypto litigations. Beginning with its case with Coinbase, the regulator has ended lawsuits with Uniswap, Consensys, Robinhood and OpenSea, among others.
Alex DovbnyaMeanwhile, industry leaders are becoming more optimistic about the future of crypto. At the moment, asset management firms are pushing for new products with the SEC, including filings for Litecoin, XRP and Solana ETF products.
Dan Burgin
Vladislav Sopov