- Coinbase’s FOIA request seeks SEC spending records on non-fraud crypto investigations from April 2021 to January 2025.
- Budgetary information about the Crypto Assets and Cyber Unit stands as the main topic of the exchange between the two parties.
- Coinbase maintains challenges against SEC regulatory activities by advancing requests for clarity regarding enforcement fund transparency and crypto-specific regulatory frameworks.
Coinbase has filed a Freedom of Information Act (FOIA) request to obtain details on the U.S. Securities and Exchange Commission’s (SEC) spending related to non-fraud crypto investigations and enforcement actions under former Chair Gary Gensler. Details of this request extend across April 2021 through January 2025 to reveal regulatory expenses in the digital asset field.
Details of the FOIA Request
The cryptocurrency exchange demands detailed information about SEC investigations to receive full documentation that specifies employee work hours as well as payment structures, together with budgetary information. Paul Grewal expressed to the public that increased transparency was necessary to support the new agency leadership direction. During his announcement, Grewal explained how the SEC’s regulatory approach causes increased financial strain for tax paying citizens.
The FOIA request targets information from the SEC’s Crypto Assets and Cyber Unit, which functions as an Enforcement Division branch. As part of their FOIA request, Coinbase requires information about the Crypto Assets and Cyber Unit’s operational financial data including staff numbers and monetary allocations used in digital asset investigations. Through this inquiry, the company seeks understanding about the effectiveness of public expenditure on SEC investigative operations and their impact on crypto market expansion.
SEC’s Budget and Enforcement Spending Under Scrutiny
Coinbase is specifically requesting documentation supporting the SEC’s Fiscal Year 2025 Congressional Budget Justification and past performance reports. The request seeks to analyze the agency’s expenditures on cases related to digital asset offerings, secondary market transactions, staking, and lending services. Coinbase aims to assess whether these actions were justified or represented excessive regulatory intervention.
The FOIA request functions as part of Coinbase’s ongoing effort to gain regulatory approval. The exchange has consistently denounced the SEC’s patrol method by demanding exact guidance for cryptocurrencies and their industry. The company continues its campaign against supposed unfair regulatory enforcement through courts while fighting for crypto industry transparency according to Grewal.
The process of providing the requested information may take a long time according to Grewal, yet Coinbase maintains its readiness. The exchange maintains a firm position for regulatory oversight which should deliver transparent and accountable enforcement measures to ensure innovation-friendly economic growth.
