Coinbase Seeks FOIA Against SEC, Requests Accounting Information About ‘War on Crypto’ ⋆ ZyCrypto

Coinbase, a major cryptocurrency based in the U.S., is seeking financial information about the underpinnings of the administration’s war against crypto through a Freedom of Information Act (FOIA) request against the SEC.

The FOIA request covers the period April 2021 to January 2025 and pertains to documents covering SEC spending on digital asset investigations and enforcement activities.

Paul Grewal, Coinbase’s Chief Legal Officer, detailed the FOIA request on X. The request is very specific, seeking out the specific number of investigations against crypto, the total costs incurred as a result, and all personnel, employees, or contractors and their expenditures. 

Coinbase is contracting History Associated Inc. to conduct the FOIA on their behalf to uncover accounting details regarding the sustained war on cryptocurrencies. The FOIA covers an extended period, 4 years, due to the sustained attack on crypto business. The request also wants information about the targets during the sustained campaign.

Grewal explains that the request comes as the industry demands more transparency and regulatory clarity regarding government agencies. Coinbase, as a result of such actions, is earning a reputation for standing up for the blockchain community, and, even more importantly, looking out for their clients.

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“We’ll never stop fighting for government transparency on behalf of our customers and this industry. It may take time to get the full picture, but I think we’ve shown that we will do what it takes for as long as it takes”.

The SEC has retracted many investigations and loosened its grip on the crypto industry. This comes as a new Trump administration takes over and introduces a more crypto-friendly approach. But many people are still recovering from the war against crypto and are demanding that more harsher measures be adopted, especially against Gary Hensler, who presided over the SEC at the time. 

Grewal insists that the FOIA request is not about revenge but rather about taking necessary steps to learn lessons from past mistakes. 

“This is not just about Coinbase or anybody else taking a victory lap or trying to rub the SEC or anybody else’s nose in their admission that the last four years were a mistake. This is much more about learning history lessons so we never have to repeat them”.

The crypto industry is still reeling from the war against digital assets. There has been a sudden resurgence in the crypto business and much relief since the SEC stopped prosecuting it.