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Coinbase Files FOIA To Reveal Cost Of SEC’s Crypto Lawsuits

Barely days wrapping up its case with the SEC, Coinbase has turned into the aggressor with an FOIA request against the securities watchdog.
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Coinbase Files FOIA To Reveal Cost Of SEC’s Crypto Lawsuits

Highlights

  • Coinbase has filed an FOIA request against the SEC to know the cost of its enforcement actions against the cryptocurrency industry.
  • The request extends to the defunct Crypto Assets and Cyber Unit seeking a public disclosure of its operational budget.
  • The SEC has dismissed a raft of high-profile cases against cryptocurrency exchanges in recent days.

Coinbase has filed a FOIA request against the US Securities and Exchange Commission (SEC), riding on the highs of the dismissal of its case against the securities regulator. A glance at the document reveals that the US-based crypto exchange is seeking a raft of information on the SEC’s expenditure in its crypto war.

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Coinbase Wants Full Disclosure Of SEC Spending In Its Enforcement Actions

US-based crypto exchange Coinbase is seeking information on the SEC’s spending in its war against major entities in the cryptoverse. Coinbase has filed a Freedom of Information Act (FOIA) request against the securities regulator to obtain information on the fiscal handling of its crypto lawsuits.

According to the document, the exchange is seeking information between April 2021 and January 2025 on the Commission’s spending. Coinbase’s request spans the total annual expenditures for digital asset investigations and enforcement actions against the industry.

Coinbase is also seeking information on the number of SEC full-time staff and details of their compensation packages. Furthermore, the FOIA request wants similar information on third-party contractors including their working hours and compensation packages.

Of particular concern is the Crypto Assets and Cyber Unit with Coinbase’s filing requesting the annual budget of the unit and compensation of its staff. Several cases initiated by the unit have been dismissed with the latest being Kraken’s case dismissal with prejudice.

“The previous SEC spent four years attacking a lawful industry, and American taxpayers were left holding the bill,” said Coinbase in a statement. “How much did you end up paying? We intend to find out.”

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Several High-Level Crypto Lawsuits Will Drive The Bill Up

Following the filing of the FOIA request, the cryptoverse scans the horizon for the release of figures by the SEC. The SEC has nine possible defenses in the form of exceptions to the FOIA like internal personnel rules among others.

The release of the figures could run into millions of dollars, accentuated by a streak of high-profile crypto lawsuits. During the period under review, the SEC dragged Coinbase, Ripple Labs, Gemini, and Binance to court over alleged breaches of capital market rules.

The SEC case dismissal against Coinbase has triggered a wave of similar actions for affected entities. The dismissals are in sharp contrast to the heightened enforcement actions by the Gary Gensler-led agency.

SEC Commissioner Hester Pierce has criticized regulation by enforcement previously deployed by the SEC while hailing its new forward-thinking approach.

 

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Aliyu Pokima

Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he's not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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