The post Coinbase files FOIA, seeks SEC crypto spending details  appeared on BitcoinEthereumNews.com.

Coinbase has filed a Freedom of Information Act request to uncover the U.S. Securities and Exchange Commission’s spending on non-fraud crypto investigations and enforcement actions under former Chair Gary Gensler.  The request, covering April 2021 to January 2025, seeks to shed light on the costs associated with the SEC’s regulatory actions against the crypto industry. According to Paul Grewal, Coinbase’s chief legal officer, the exchange is requesting transparency on investigation details, employee hours, pay, and budget allocations. Grewal emphasized the need for accountability, particularly as the SEC transitions to new leadership. Coinbase’s push for government transparency Grewal outlined Coinbase’s objectives in a series of posts on X, questioning the financial burden of the SEC’s regulatory approach on taxpayers. “We know the previous SEC’s regulation-by-enforcement approach cost Americans innovation, global leadership, and jobs, but how much did it cost in taxpayer dollars?” Grewal wrote.  He added that Coinbase aims to determine how many investigations and enforcement actions were conducted, the number of employees and contractors involved, and the overall expenses incurred. A particular focus of the FOIA request is the SEC’s Crypto Assets and Cyber Unit, a division within the Enforcement Division.  We also want to know more about the previous SEC’s infamous “Crypto Assets and Cyber Unit” within the Enforcement Division – what was their budget, how many employees worked on it, how much did those employee hours cost? 3/4 — paulgrewal.eth (@iampaulgrewal) March 3, 2025 Coinbase is seeking information on the unit’s budget, employee count, and the labor costs associated with crypto-related investigations and enforcement. SEC’s budget justification under scrutiny Coinbase’s request references the SEC’s publicly available congressional reports, including the Fiscal Year 2025 Congressional Budget Justification and past performance reports. The exchange is asking for supporting documents detailing the SEC’s expenditures on digital asset investigations and enforcement actions.…

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Filed under: News - @ March 3, 2025 8:19 pm