Coinbase has filed a FOIA request to uncover the prices of the SEC’s crypto enforcement actions, looking for transparency on taxpayer spending and regulatory efforts.
Coinbase Launches FOIA Inquiry Into SEC’s Crypto Crackdown Prices
Coinbase has taken authorized steps to uncover the monetary burden of the Securities and Trade Fee’s (SEC) enforcement actions in opposition to the crypto business. Chief Authorized Officer Paul Grewal introduced that the corporate has filed a Freedom of Info Act (FOIA) request to find out the precise prices and assets used within the SEC’s anti-crypto measures.
FOIA Request Targets SEC’s Crypto Enforcement Bills
The FOIA request seeks detailed information on the SEC’s spending, together with the variety of enforcement actions taken in opposition to crypto firms, the related prices, and the personnel concerned. Coinbase can also be investigating third-party contractors employed for these efforts and the funds they acquired.
Grewal emphasised that past the regulatory impression on crypto companies, taxpayers need to understand how a lot cash was allotted to those enforcement actions.
SEC’s Crypto Property and Cyber Unit Underneath Scrutiny
The investigation additionally focuses on the SEC’s Crypto Property and Cyber Unit, a division inside its Enforcement department that performed a key position in authorized battles in opposition to crypto companies. Coinbase is demanding particulars on the unit’s finances, workers rely, and expenditures.
This transfer follows the SEC’s current resolution to drop its case in opposition to Coinbase, which was accused of providing unregistered securities. The withdrawal marked a major shift within the regulatory panorama, elevating additional questions concerning the company’s strategy.
Coinbase Pledges to Pursue Full Transparency
Grewal said that whereas acquiring the complete scope of the SEC’s expenditures might take time, Coinbase stays dedicated to uncovering the reality. “It might take time to get the complete image, however I believe we’ve proven that we’ll do what it takes for so long as it takes,” he stated.
As Coinbase challenges regulatory practices, the broader crypto group awaits additional disclosures. Keep updated on the newest developments on this investigation.
