2 months ago
Crypto speech Coinbase is seeking to observe however overmuch the US Securities and Exchange Commission (SEC) spent connected enforcement enactment against crypto firms.
Coinbase main ineligible serviceman Paul Grewal said successful a March 3 statement to X that the petition nether the Freedom of Information Act (FOIA) was submitted to the SEC to find retired however galore investigations and enforcement actions were brought against crypto firms betwixt April 17, 2021, done Jan. 20, 2025.
The crypto exchange besides seeks accusation connected however galore employees worked connected the enforcement actions, however galore third-party contractors were used, and however overmuch it each cost.
Source: Paul Grewal
“We cognize the erstwhile SEC’s regulation-by-enforcement attack outgo Americans innovation, planetary leadership, and jobs, but however overmuch did it outgo successful payer dollars? “ Grewal said.
“We besides privation to cognize much astir the erstwhile SEC’s infamous Crypto Assets and Cyber Unit wrong the Enforcement Division – what was their budget, however galore employees worked connected it, however overmuch did those worker hours cost?”
The SEC’s Crypto Assets and Cyber Unit, formed successful 2017, brought enforcement actions against fraudulent and unregistered crypto plus offerings and platforms. The portion was replaced by the Cyber and Emerging Technologies Unit (CETU) connected Feb. 20.
Grewal says portion it whitethorn instrumentality clip to “get the afloat picture,” the crypto speech volition happily “do what it takes for arsenic agelong arsenic it takes” to get the requested information.
Coinbase wants to cognize however galore employees worked connected the SEC’s enforcement actions against crypto exchanges and however overmuch it outgo taxpayers. Source: Office of FOIA Services
An SEC spokesperson declined to comment.
Former SEC Chair Gary Gensler, known for his hardline stance connected crypto regulation, resigned connected Jan. 20, 2025.
While astatine the helm of the regulator, which began successful 2021, the SEC took an aggressive regulatory stance toward crypto, bringing upward of 100 regulatory actions against firms.
Related: SEC drops probe into NFT marketplace OpenSea
Gensler departed the aforesaid time that crypto-friendly Donald Trump started his 2nd word arsenic US president. Trump had promised to occurrence Gensler erstwhile elected.
Following Gensler’s exit, the SEC has opted retired of a swathe of lawsuits against crypto firms.
Coinbase was sued by the SEC successful June 2023, alleging the speech ne'er registered arsenic a broker, nationalist securities exchange, oregon clearing agency.
It besides precocious ended its probe of Uniswap Labs, the developer down the Uniswap decentralized speech and online brokerage Robinhood Crypto, which received a Wells announcement connected May 4.
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