Coinbase Has Applied to Learn The Cost of The SEC’s “War on Crypto.”

Coinbase Chief Legal Officer Paul Grewal stated that the company will do whatever it takes to obtain the information.

Coinbase Seeks to Learn the Cost of SEC’s Crypto Regulatory Actions Through FOIA Request

Cryptocurrency exchange Coinbase is seeking to determine how costly the regulatory actions taken by the U.S. Securities and Exchange Commission (SEC) against crypto firms have been.

Coinbase’s Chief Legal Officer, Paul Grewal, stated in an announcement on X platform on March 3 that the company had filed a request under the Freedom of Information Act (FOIA) to the SEC to find out which investigations and regulatory actions were conducted against crypto firms between April 17, 2021, and January 20, 2025.

The exchange also seeks to learn how many employees were involved in these actions, how many third-party contractors were used, and the total cost of these actions.

Coinbase Questions the Cost of SEC’s Crypto Regulations

Grewal said, “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?”

“We also want to know more about the previous SEC’s infamous Crypto Assets and Cyber Unit – what was their budget, how many employees worked on it, how much did those employee hours cost?” he added.

The SEC’s Crypto Assets and Cyber Unit, formed in 2017, took enforcement actions against fraudulent and unregistered crypto asset offerings and platforms. This unit was replaced by the Cyber and Emerging Technologies Unit (CETU) on February 20.

While it may take time to receive the official information, Grewal stated that Coinbase is “ready to do whatever it takes for as long as it takes” to obtain the requested details.

SEC Drops Lawsuits Against Crypto Firms

A SEC spokesperson declined to comment. Former SEC Chairman Gary Gensler resigned on January 20. Under Gensler’s leadership, the SEC initiated over 100 regulatory actions against crypto firms.

After Gensler’s departure, the SEC dropped its lawsuit against Coinbase on February 27. Similarly, the SEC ended its lawsuits against Kraken on March 3, and Gemini and Yuga Labs on February 26. Furthermore, investigations into Uniswap Labs and Robinhood Crypto have also been closed.

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