Coinbase will follow the SEC for details on war costs in Crypto. The exchange has submitted a FOIA request for SEC documents between the leaders of former SEC Chairman Gary Gensler.
Coinbase has applied for a Freedom of Information Act (FOIA) request for a detailed breakdown of what the US Securities and Exchange Commission (SEC) is spending on the “war with Crypto.”
Specifically, Crypto Exchange’s FOIA hopes that between April 2021 and January 2025, the enforcement approach to Crypto has made it public about how much the SEC has splashed out as part of its regulations.
Coinbase outlines what you are looking for in your submission on Monday, March 3, 2025.
What else is Coinbase asking for via this FOIA request?
The exchange wants to know how much the SEC spent on investigations, litigation and executive officers. As per the request, regulators must provide associated costs to pursue digital asset-related cases, secondary transactions, and staking and lending providers.
“We see that the previous SEC’s regulatory-by-regulation approach costs American innovation, global leadership, and employment, but how much did taxpayer dollars cost? Today, Coinbase filed a request from the FOIA and asked the SEC to explain how much the war with crypto would cost taxpayers,” pointed out Paul Grewal, Chief Legal Officer at Coinbase.
He added:
“What do we want to know? How many investigations and enforcement actions have been filed? How many employees worked for these investigations/enforcement actions, and how much does it cost? The number of third-party contractors used in these investigations/enforcement actions, and Coinbase Clo has been added to X’s post.
The request comes amid a recent announcement regarding the SEC’s dropping several crypto cases and investigations. This includes regulatory lawsuits against Coinbase and Crypto Exchange Gemini.
The SEC also closed the investigation into Opensea, Robinhood, Uniswap and Metamask under new leadership following Gary Genther’s exit in January 2025.
According to Grewal, FOIA’s requests rely on the need for transparency, and American taxpayers have a right to know. Coinbase believes current SEC leadership will inform you.
