Coinbase, the leading U.S. crypto exchange, has filed a Freedom of Information Act (FOIA) request to uncover the full extent of the U.S. Securities and Exchange Commission’s (SEC) spending on crypto enforcement actions13. The request, submitted on March 3, 2025, aims to shed light on the SEC’s activities between April 17, 2021, and January 20, 2025.
Key points of Coinbase‘s FOIA request:
- Number of investigations and enforcement actions against crypto firms
- Employee involvement and associated costs
- Use of third-party contractors and their expenses
- Details about the SEC’s former Crypto Assets and Cyber Unit, including budget and staffing1
Paul Grewal, Coinbase‘s Chief Legal Officer, stated on X, “We know the previous SEC’s regulation-by-enforcement approach cost Americans innovation, global leadership, and jobs, but how much did it cost in taxpayer dollars?“
This move comes amid significant changes in the regulatory landscape:
- Former SEC Chair Gary Gensler resigned on January 20, 2025
- The SEC has recently dropped several lawsuits against crypto firms, including Coinbase, Kraken, UniSwap Labs, and Gemini.
Coinbase‘s push for transparency reflects a broader industry concern about the impact of regulatory actions on innovation and economic growth. The exchange is committed to pursuing this information, with Grewal emphasizing they will “do what it takes for as long as it takes” to obtain the requested details.
As the crypto industry watches closely, the outcome of this request could provide valuable insights into resource allocation for crypto enforcement and potentially influence future regulatory approaches under the new SEC leadership.
