Key Takeaways:
- Coinbase FOIA Request: Coinbase seeks transparency on the SEC’s spending for crypto enforcement from April 2021 to January 2025, including costs, personnel, and third-party contractors.
- SEC’s Crypto Crackdown: Under former Chair Gary Gensler, the SEC pursued over 100 enforcement actions against crypto firms before his resignation in January 2025.
- Regulatory Shift: Since Gensler’s exit and Trump’s inauguration, the SEC has dropped multiple cases, including lawsuits against Coinbase, Kraken, and Uniswap Labs.
Coinbase has filed a Freedom of Information Act (FOIA) request to uncover the financial costs of the U.S. Securities and Exchange Commission’s (SEC) enforcement actions against crypto firms.
Announced by Coinbase’s chief legal officer, Paul Grewal, on March 3, the request seeks details on the number of investigations, SEC employees involved, third-party contractors, and the total taxpayer costs related to crypto enforcement between April 17, 2021, and January 20, 2025.
We know the previous @SECgov’s regulation-by-enforcement approach cost Americans innovation, global leadership, and jobs, but how much did it cost in taxpayer dollars? Today @Coinbase submitted a FOIA request asking the SEC to explain how much its war on crypto cost taxpayers.…
— paulgrewal.eth (@iampaulgrewal) March 3, 2025
Grewal criticized the SEC’s “regulation-by-enforcement” approach, arguing that it harmed innovation, jobs, and U.S. global leadership.
He also highlighted interest in the now-defunct Crypto Assets and Cyber Unit, which was replaced by the Cyber and Emerging Technologies Unit on February 20, 2025.
This move follows the resignation of SEC Chair Gary Gensler on January 20, 2025, amid a shift in U.S. crypto policy under newly inaugurated President Donald Trump.
Under Gensler, the SEC pursued over 100 enforcement actions against crypto firms, including Coinbase, which faced a lawsuit in June 2023.
However, the SEC voluntarily dismissed its case against Coinbase on February 27, 2025, alongside other recent case withdrawals involving Kraken, Yuga Labs, Gemini, Uniswap Labs, and Robinhood Crypto.
With this FOIA request, Coinbase is now pushing for greater transparency on the financial impact of the SEC’s actions against the crypto industry.
About The Author
Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.
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