Coinbase
$5.41B
is pushing for more transparency from the US Securities and Exchange Commission (SEC), asking for details on how much taxpayer money has been spent on enforcement actions against crypto companies.
The exchange filed a Freedom of Information Act (FOIA) request, seeking data on investigations carried out between April 17, 2021, and January 20, 2025.
Coinbase also wants to know how many SEC employees and external contractors worked on these cases and the total financial cost involved.
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Paul Grewal, Coinbase’s chief legal officer, addressed the issue in a statement on March 3, questioning how much the SEC’s enforcement-driven approach had cost the public.
According to him, beyond affecting innovation and job opportunities in the US, the regulatory tactics may have drained resources. He also raised concerns about the now-defunct Crypto Assets and Cyber Unit, wanting specifics on its budget, workforce size, and operational expenses.
While Coinbase acknowledges that obtaining the requested records may take time, Grewal made it clear that the company is willing to wait and pursue the information for as long as necessary.
Coinbase’s request comes after a lengthy legal dispute with the SEC. The regulator sued the exchange in June 2023, claiming it had operated as an unregistered broker, securities exchange, and clearinghouse.
That case was officially closed on February 27 when the SEC dropped the charges, bringing an end to the legal battle. How? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
