Coinbase files FOIA to see how much the SEC's 'war on cryptocurrency' has cost

Coinbase's legal director, Paul Grewal, stated that the company will "do everything possible for the longest time" to obtain information from the securities regulator.

The cryptocurrency exchange Coinbase is seeking to understand how much the U.S. Securities and Exchange Commission (SEC) has spent on enforcement actions against cryptocurrency companies.  

In a statement sent to X on March 3, Coinbase's legal director, Paul Grewal, said that a request under the Freedom of Information Act (FOIA) has been submitted to the SEC to find out how many investigations and enforcement actions have been carried out against cryptocurrency companies from April 17, 2021, to January 20, 2025.

The cryptocurrency exchange is also seeking information about the number of employees involved in enforcement actions, the number of third-party contractors used, and what the total costs are.

Grewal stated: “We know that the SEC's previous regulatory enforcement approach has caused Americans to lose innovation, global leadership, and jobs, but how much taxpayer money has been wasted?”

“We also want to know more about the notorious Cryptocurrency and Cybersecurity Unit of the SEC in the Enforcement Division – what is their budget, how many staff work for this unit, and what is the cost per hour of employee work?” #SEC #FOIA