Taxpayer Dollars at Work? Coinbase Pushes for SEC Spending Transparency

The exchange filed a Freedom of Information Act (FOIA) request, seeking data on investigations carried out between April 17, 2021, and January 20, 2025.

Coinbase also wants to know how many SEC employees and external contractors worked on these cases and the total financial cost involved.

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Paul Grewal, Coinbase’s chief legal officer, addressed the issue in a statement on March 3, questioning how much the SEC’s enforcement-driven approach had cost the public.

According to him, beyond affecting innovation and job opportunities in the US, the regulatory tactics may have drained resources. He also raised concerns about the now-defunct Crypto Assets and Cyber Unit, wanting specifics on its budget, workforce size, and operational expenses.

While Coinbase acknowledges that obtaining the requested records may take time, Grewal made it clear that the company is willing to wait and pursue the information for as long as necessary.

Coinbase’s request comes after a lengthy legal dispute with the SEC. The regulator sued the exchange in June 2023, claiming it had operated as an unregistered broker, securities exchange, and clearinghouse.

That case was officially closed on February 27 when the SEC dropped the charges, bringing an end to the legal battle. How? Read the full story.