Coinbase requires a report of how much the Securities and Exchange Commission spent on enforcement actions under former chairman Gary Genler.
Chief Legal Officer Paul Grewal shared that the company has submitted a Freedom of Information Act request to request information about employee hours, contracting costs and other line items that were linked to what he described as the “War on Crypto” of the SEC.
His statements pointed to studies into Coinbase, Gemini and other companies, together with the broader impact on the jobs and technological competitiveness of Americans.
Grewal explained,
“We know that the previous @Secgov’s regulation-per-enforcement approach cost Americans innovation, worldwide leadership and jobs, but how much did it cost in taxpayer dollars?”
The FOIA invitation requires documents in which the number of enforcement actions is launched against digital assets entities, the associated costs of those efforts and the personnel sources assigned to them.
Coinbase also wants information about the unit that is previously called the “crypto assets and cyber unit” to ask for clarity about the budget, staff possession and total compensation of that group. According to Grewal, the intention is to reveal how taxpayers funds were used to support what he characterizes as aggressive supervision without formal regulations.
The strategy of the SEC under Gensler often trusted enforcement actions instead of newly prepared instructions, thereby supplying pushback from various crypto companies. Coinbase’s request comes after the office has dropped its lawsuit against the stock exchange at the end of February, with reference to a broader pivot point in its regulatory approach.
Grewal also noted that the company would continue to pursue more transparency, which suggests that any upcoming documents can uncover the extent in which enforcement -based tactics policy decisions.
Grewal emphasized the dedication of Coinbase to this issue and explained:
“We will never stop fighting for transparency of the government on behalf of our customers and this industry. It may take time to get the full picture, but I think we have shown that we will do what is needed as long as it takes. “
Gemini’s Winklevoss Twins have also criticized the SEC approach, pointing to legal costs then that Bureau dropped his investigation into their platform. The submission of Coinbase gives a broader demand for accountability after similar calls from other participants in the industry.
The 17-point FOIA request can offer unprecedented visibility in the internal allocation of resources by the SEC in the direction of crypto enforcement during a controversial period for industry.
The recent shift of the SEC includes rejecting some things against crypto companies and explaining memecoins are not effects while a new task force is formed to determine more explicit guidelines. The Foia entering Coinbase indicates that clarity may only not solve existing complaints if the costs incurred cover up.
Grewal emphasized that the exchange is willing to wait through the entire FOIA process to protect the data that, according to the public, can help understand how government resources were assigned when the SEC focused on digital activa companies.
