U.S. cryptocurrency exchange Coinbase submitted a Freedom of Information Act (FOIA) request on Monday, March 3, 2025, requesting information on the SEC spending on crypto-related enforcement over the past four years.
The filing specifically requests information on the agency’s financial and human resource allocation for investigating and prosecuting digital asset firms.
Coinbase previously sued the SEC to obtain internal communications about the agency’s approach to digital assets. Now, after the SEC recently dismissed its case against the exchange, Coinbase is pressing for transparency on the broader cost of the regulator’s crackdown on the industry.
The request follows years of legal disputes between Coinbase and the SEC over crypto regulations and enforcement practices.
Under acting Chairman Mark Uyeda, appointed by President Donald Trump, the SEC has dropped several cases and restructured its legal team.
The filing also seeks financial records on the management of the agency’s crypto enforcement unit under its previous leadership.
The exchange, through contractor History Associates Inc., is requesting records on enforcement expenses, targeted firms, and staff involved.
“We’re asking the SEC to produce this information voluntarily under FOIA, without forcing Coinbase or anyone else to go to court,” Grewal said. “Let’s get the facts on the table,” says Grewal “Let’s tally up the costs, weigh any benefits, and decide if this is the approach we want for our economy.”
Coinbase’s Chief Legal Officer, Paul Grewal, insists the request isn’t retaliatory but a call for accountability.
His administration has taken an industry-friendly stance, easing enforcement actions that marked the previous term Under former President Joe Biden, the SEC and CFTC filed over 100 lawsuits against crypto firms, targeting major players like Kraken, Coinbase, and Ripple for alleged violations
Under President Donald Trump, the shift in U.S. crypto regulation is becoming clearer.
Recent SEC filings indicate that the agency is reconsidering its stance on crypto, dropping cases against Consensys, Robinhood, Gemini, Uniswap, and OpenSea.
The new direction became evident when, on January 21, one day after Trump’s inauguration, the SEC formed a Crypto Task Force led by Commissioner Hester Peirce.
Trump’s approach has already led to major changes as the SEC has begun scaling back enforcement.